Dec 17, 2010

Indosiar surges 7.14% on TV5 acquisition

Holding company of Indosiar television, PT Indosiar Karya Media Tbk (IDKM) today surged 7.14% to IDR600 per share, following the acquisition of TV5 Philippine.
Referring to the current market price, Indosiar Media's market capitalization is IDR1.21 trillion.
ABC Development Corp, which runs TV5, Philippine, is buying into Indosiar Media, a publicly-listed national television station in Indonesia majority owned by Anthoni Salim, chairman of First Pacific Co Ltd.
“We will partner with Indosiar. This will be an investment by TV5,” said President Ray Espinosa at a press briefing yesterday as reported by abs-cbnnews.com.
He did not disclose further details but said this was going to take place after TV5 has commenced its international business, which means expanding its reach as far as Europe, North America, Middle East, and Japan.
Indosiar Karya Media Corporate Secretary Stelly Maria said that she already read the news. "We haven't been informed by our shareholders," she said.
Salim family controls 27.24% holding in Indosiar Karya Media, parent of Indosiar TV, via PT Prima Visualindo. Citibank Singapore holds 8.5%, PT Dinamika Usaha Jaya holds 5.09%, and public investors own 59.17%.

Disclosure: No position at the stock mentioned above. 

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