Linktone acquires Letang Game

Linktone Ltd, a subsidiary of PT Media Nusantara Citra (MNCN) Tbk, has acquired controlling stake of Letang Game Ltd, a private Chinese company specializing in mobile games and PC online games. Linktone acquired 50.01% shares of Letang for a total amount of USD9.15 million in cash. 

MNCN told IDX this morning that payment of USD2.56 million in cash will be made upon the closing of the acquisition and the balance will be payable in 2010 and 2011 subsequent to Letang's achievement of agreed upon certain financial and operational milestones.

Linktone Ltd is one of the leading providers of wireless interactive entertainment services to consumers in China. The company's stock is traded on Nasdaq, New York.

MNCN is controlled by Tanoesoedibyo family. The stock gained 2% to Rp245 this morning. But the stock has lost 23.4% its value since July 2009. MNCN is the parent company of RCTI, TPI, Okezone.com, etc.

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TPI wins appeal in Supreme Court

Supreme Court has endorsed the cassation appealed by Televisi Pendidikan Indonesia (TPI), a unit of PT Media Nusantara Citra (MNCN) and nullified the decision of Commercial Court concerning the Bankruptcy of TPI on 14 October 2009. 

The endorsed cassation appeal was actually appealed not only by TPI but by TPI's creditors who oppose the bankruptcy decision. The verdict was based on the reasoning that the bankruptcy petition which was held by the commercial court upon petition by Crown Capital Global Limited was not simple, meanwhile in principle, bankruptcy cases must be proven simply.

Following the Supreme Court ruling, TPI said it is no longer holds bankruptcy status and shall run the operation back to normal. 

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BMTR asks for US$25 M compensation from bondholders

PT Global Mediacom (BMTR) Tbk has filed lawsuit against DB Trustees (representative of bondholders), Mobile-8 Telecom Finance Company BV, and PT Mobile-8 Telecom (FREN) Tbk. BMTR asks for material loss compensation of US$25 million from these companies, where two of them were actually BMTR's subsidiaries.  

BMTR told IDX this morning that filed the lawsuit to counter a lawsuit filed by bondholders against FREN over the defaulted US$100 million bonds and BMTR as the former controlling shareholder of FREN. Wow!

Why BMTR did that? The company argues that it is not a party in the indenture agreement signed August 15, 2007, and that it never gave both oral and written commitment to maintain its ownership in Mobile-8 above 51% (which triggered the default of bonds).

BMTR is controlled by Harry Tanoesoedibjo family. BMTR was the controlling owner of FREN, but then divested most of its shares to Jerash Investment, Dubai. BMTR, while keeping about 19% shares in FREN, denied of maintaining the control of the ailing telecommunication company.

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Harry Tanoe's maneuver at CMNP

Harry Tanoesoedibjo's PT Bhakti Investama Tbk bought 180.3 million shares (9.01%) of turnpike operator PT Citra Marga Nusaphala (CMNP) Tbk on the last trading day of 2006 at Rp1345/share, days after PT Jasa Marga announced its plan to offload almost 270 million shares of CMNP. On Dec 26, I posted the news about Jasa Marga's divestment. Initially I thought it's Tutut (Soeharto's daughter). "No, it's Harry Tanoe and Robby Sumampouw," a friend said. Robby's son Ievan Danar Sumampouw owned 5.13% shares as of Dec 31.

CMNP reported to JSX last week that as of Dec 31, Jasa Marga owns 17.78% shares, followed by UBS (7.2%), Redmington (5.23%), and Ievan Sumampouw (5.13%). On Jan 11, CMNP told JSX that as of Jan 3rd, Jasa Marga ownership reduced from 355.76 million shares to 352.56 million, and further declined to 84.57 million (4.23%) as of Jan 5. Jasa Marga divested the shares through bookbuilding, limited to less than 100 investors on Dec 26-27. No information available who bought the shares. Today its price jumped to Rp1580.

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Harry Tanoe tighten his grip on Bimantara

Harry Tanoesoedibjo has tighten his grop on PT Bimantara Citra Tbk with new shares bought to make his PT Bhakti Investama Tbk ownership at 42.2%, almost double the initial size of 24.97% when it entered the company in 2002. This week, Bhakti bought another 20 million shares of Bimantara at Rp1,300/share. Harry was considered a proxy to Mr Bambang Trihatmodjo, the former controlling owner. Bambang ownership at Bimantara has decreased from 22% to 13.08% accordingly.

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