Jul 4, 2011

Visi Media Asia IPO delayed

PT Visi Media Asia Tbk (VIVA), parent company of TVOne, ANTV, and Vivanews.com, has delayed its initial public offering (IPO) due the capital market authority hasn't released an effective statement. 
Bapepam-LK is also investigating the IPO's online book building. The Capital Market Supervisory Agency wants to ensure that there is no investors ordered the IPO via online system.
Visi Media used audited financial statement of December 2010. The investigation has forced Visi Media takes another audited financial statement due to expiration period. 
Bapepam-LK's Head of Bureau Gonthor Ryantory, as quoted by Bisnis Indonesia today, requires clarification regarding to book building via online system. 
"It is an innovation that the book building could be done via online. However, we want to ensure that there is inconsistency during the process," he said.
Executive Director Vicky Ganda Saputra at Danatama Makmur, one of the IPO underwriter,  said Visi Media will take audit on May's financial statement in bid to obtain an effective statement from Bapepam-LK.
PT Minna Padi Investama Tbk has also determined to delay the IPO, waiting for the conducive market situation.

Disclosure: No position at the stock mentioned above.

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