May 19, 2011

Elang Mahkota closes Indosiar take over

PT Elang Mahkota Teknologi Tbk (Emtek), parent of television station Surya Citra Televisi (SCTV), has completed a 27.24% or 551.71 million shares acquisition of PT Indosiar Karya Media Tbk worth Rp496.53 billion.
Emtek has bought Indosiar from PT Prima Visualindo, a company that is controlled by Salim Group led by Indonesian tycoon Anthoni Salim.
"The acquisition is intended to reach a synergy and efficiency of our business and subsidiaries, driving a value growth for stakeholders," said Emtek Director and Corporate Secretary Titi Maria Rusli, in an official statement filed to Indonesia Stock Exchange last night.
Emtek has been approved by extraordinary of shareholders meeting to guarantee of 1.65 billion shares in PT Surya Citra Media Tbk, parent of SCTV, in bank to get Rp1.5 trillion in loan. 
The approval has been given to make rights issue of 10% shares of Elang Mahkota, or 512.73 million shares at Rp1,300 per share as well.

Disclosure: No position at the stock mentioned above.  

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