Apr 5, 2011

Elang Mahkota to pledge Surya Citra

PT Elang Mahkota Teknologi Tbk (Emtek), parent company of Surya Citra Televisi and O'Channel TV, is seeking Rp1.50 trillion loan facilities from several stellar lenders.
The financing will be used by Emtek to support a tender offer for the remaining shares of PT Indosiar Karya Media Tbk at the price range of Rp900-Rp1,040 per share. 
The tender offer will be held after Emtek completes the acquisition of 27.42% shareholding or 551.71 million shares in Indosiar at Rp900 per share.
In total, Emtek requires Rp2.03 trillion in financing to underpin the takeover and the tender offer. The actions are expected to convey Emtek becoming a leading broadcasting group of company in Indonesia.
In a prospectus published today, Emtek, controlled by Eddy K. Sariaatmadja and his younger brother Fofo Sariaatmadja, is keen to acquire 27.42% shareholding or 551.71 million shares in Indosiar from PT Prima Visualindo, a company controlled by Indonesian tycoon Anthoni Salim, owner of Salim Group.
Following the takeover, Emtek also plans to hold the tender offer for 1.47 billion shares of Indosiar from public shareholders.  
Shares pledge
To guarantee the payment of the loan facilities, Emtek will enter into shares pledge agreement on 85.78% shareholding or 1.65 billion shares in PT Surya Citra Media Tbk (SCMA), parent company of Surya Citra Televisi, with several lenders.
According to the closing level of SCMA on March 31 at IDR4,050 per share, the shares pledge ammounted to Rp6.68 trillion.
Emtek is also aiming to raise its equity by issuing 10% of new shares or 512.73 million shares without preemptive rights at Rp1,300 per share, enabling it to obtain Rp666.55 billion proceed. 
Eddy Sariaatmadja and Fofo Sariaatmadja are now controlling 18.86% and 5.28% shareholdings in Emtek, while Susanto Suwarto and Piet Yaury own 12.56% and 10.56% stakes.

Disclosure: No position at the stock mentioned above.

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