Jan 16, 2011

Surya Citra Media grabs local TV

TV station PT Surya Citra Televisi (SCTV), a wholly owned subsidiary of PT Surya Citra Media Tbk (SCMA), controlled by Indonesian businessman Sariaatmadja family, reported an acquisition of 85% shareholding in PT Bangka Tele Vision at Rp425 million.
Surya Citra Media Corporate Secretary Hardijanto Saroso said Surya Citra Televisi purchased Bangka Tele Vision from two previous shareholders namely PT Kuda Persada Sakti and PT Indonesia Network Information. However, he didn't disclose what is the next strategy to develop Bangka Tele Vision. 
After buying Bangka Tele Vision, Surya Citra Media Tbk has announce to establish a local television company PT Surya Citra Pesona (SCTV Gorontalo) which will run chain network television business. The estbalishment required Rp255 million investment.
In a formal statement to Indonesia Stock Exchange recently, SCMA controls 51% shareholding in SCTV Gorontalo and Surya Citra Televisi controls the remaining stake.
In line with the establishment of SCTV Gorontalo, SCMA and Surya Citra Televisi have also established PT Surya Citra Dimensi Media (SCTV Makassar), another TV chain network, with a total investment of Rp50 million. SCMA contols 10% shareholding in SCTV Makassar and SCTV controls 90% stake.
   
Disclosure: No position at the stock mentioned above.

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