May 6, 2011

Emtek approved to acquire Indosiar

Extraordinary meeting of shareholders of PT Elang Mahkota Teknologi Tbk (Emtek), the parent company of television channel SCTV, unanimously approved the acquisition and tender offer of PT Indosiar Karya Media Tbk, currently controlled by Salim family.
“The meeting approved the acquisition of 27.24% of placed and paid in capital from PT Prima Visualindo in Indosiar at Rp900 per share, with total Rp496.53 billion,” President Director Elang Mahkota Susanto Suwarto said in a press release yesterday.
In the meeting, the shareholders approved that the company make tender offer after the acquisition of shares from PT Prima Visualindo. The offer will include the remaining 72.76% shares of Indosiar with price between Rp900 and Rp1,040 per share.
The meeting also approved the guarantee of 1.65 billion shares in PT Surya Citra Media Tbk in bank to get Rp1.5 trillion in loan. The approval is also given to make rights issue of 10% shares of Elang Mahkota, or 512.73 million shares at Rp1,300 per share.
 
Disclosure: No position at the stock mentioned above.
 
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