Apr 12, 2011

First Media stake in FMTV diluted

PT First Media Tbk, internet and cable TV provider under Lippo Group, once again decided to delute its stake in its subsidiary, namely PT First Media Television (FMTV), through the issuance of new shares, thus the company will only control 80% from the current shareholding of 99.99%.
In an information disclosure submitted to Indonesia Stock Exchange (IDX), First Media (KBLV-coded stock) said that 20% of new shares in FMTV will then be bought by Asia Link Holding Limited and or its affiliates through a IDR1 billion equity injection.
Previously, Asia Link is also poised to become a shareholder in PT Link Net which engaging on the cable network business, and also known as a subsidiary of First Media. Asia Link will put IDR1.6 trillion to Link Net in order to hold 33.94% stake in the company. Besides, Asia Link decided to invested IDR722 billion on corporate bonds, issued by First Media.

Disclosure: No position at the stock mentioned above.  

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