Jun 12, 2011

Visi Media launches 14.21% stake IPO

PT Visi Media Asia Tbk (Viva), a media company controlled by Bakrie family, launches a 2.29 billion new shares IPO or 14.21% of its enlarged capital. The IPO is scheduled on July 11 2011. 
Visi Media Asia is parent company of PT Cakrawala Andalas Televisi (ANTV), PT Lativi Mediakarya (TVOne), dan news portal Vivanews under PT Viva Media Baru.
PT Danatama Makmur and PT Ciptadana Securities has been mandated as the IPO lead underwriters, an official press statement obtained today. 
Following the IPO, Visi Media will issue 571.50 million of series I warrant. Each holder of four shares will entitle one warrant. 
The company will use 40% of the IPO proceed to settle US$54 million loan facility to Credit Suisse. Post the IPO, PT CMA Indonesia controls 79.04% of A series stake in Visi Media, PT Bakrie Capital Indonesia owns 0.32%, and public investors hold 14.21%. Fast Plus Limited holds 6.43% of B series stake in Visi Media. 
Trinugraha Thohir 
CMA Indonesia and PT Trinugraha Thohir has entered into a mandatory exchangeable bond (MEB) on March 22. Under the agreement, Trinugaha Thohir, a company that is mostly owned by Garibaldi Thohir and Eric Thohir, will convert the US$20 million MEB into Visi Media shares at the listing date or one day after the listing. 
In 2010, Visi Media posted Rp3.7 billion net profit from Rp152.7 billion net loss in 2009. Operating revenue increased to Rp889.1 billion in 2010 from Rp668.4 billion in 2009.

Disclosure: No position at the stock mentioned above.

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