May 5, 2011

We have long waited to acquire Indosiar

The prolonged process of takeover by PT Elang Mahkota Teknologi Tbk on PT Indosiar Karya Media Tbk has left Sariaatmadja Family disappointed amid their optimism.
Fofo Sariaatmadja, representative of the family in Elang Mahkota and the president director of PT Surya Citra Media Tbk, confirmed that the acquisition of Indosiar by his company is part of a share swap agreement between Salim and Sariaatmadja.
“True, the deal is a share swap. It began 4 years ago. Both families made a general agreement on the share swap. It means that there is no problem,” said Fofo, younger brother of Eddy Kusnadi Sariaatmadja yesterday as reported by Bisnis Indonesia daily,
The deal started when Salim’s PT Indofood Sukses Makmur Tbk acquired 56.4% shares of Sariaatmdja’s agricultural company PT PP London Sumatra Indonesia Tbk. Salim completed the deal by handing over Indosiar shares.

Disclosure: No position at the stock mentioned above.  

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