Mar 3, 2011

Elang Mahkota buys Indosiar at Rp900

PT Elang Mahkota Teknologi Tbk (Emtek) spends not less than Rp496.54 billion or Rp900 per share to buy 551.71 shares, or 27.24% ownership, of PT Indosiar Karya Media Tbk.
In an information disclosure today, Elang Mahkota, the parent of PT Surya Citra Media Tbk (SCTV channel) and controlled by Sariaatmadja family, will be the major shareholder of Indosiar.
The deal on taking over TV station Indosiar was signed on March 1, 2011. Management of Elang Mahkota said that the take over of Salim Family’s media group will be financed through internal cash and loan.
However, Elang Mahkota confirmed that the corporate action needs due diligence of the company and approval from shareholders before it can be completed. The acquisition is the follow-up of merger between Indosiar and SCTV.

Disclosure: No position at the stock mentioned above.  

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