Mar 8, 2011

Visi Media appoints 3 IPO underwriters

Operator TV stations and local wire, PT Visi Media Asia (VIVA), has appointed Credit Suisse, PT Danatama Sekuritas, and PT Ciptadana Sekuritas as a joint lead underwriters for the IPO, said one senior official.  
According to sources, VIVA plans to release 30-40% and get arround IDR1 trillion. "We've plans to go IPO this year and use 2010's financial audit. The fund will use for television business expansion and new media," Anindya Novan Bakrie, VIVA's CEO told reporters. 
As a preparation for the IPO’s planning, last year, Credit Suisse as a sole bookrunner has closed four-year pre-IPO financing of US$54 milion. 
Shareholders of VIVA are Bakrie family 92.5% and Rupert Murdoch’s Star TV the remaining stake. VIVA supervises several media such as TV One, Anteve, and local wire Vivanews. If the plan is implemented, it will add to the list of companies that will be listed on the Indonesia Stock Exchange (IDX).  

Disclosure: No position at the stock mentioned above.

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