VINANSIA.COM - PT MD Entertainment Tbk (FILM) has announced a plan to acquire an 80.05% stake in PT Net Visi Media Tbk (NETV) for IDR 1.65 trillion. The transaction involves purchasing 25.22 billion new NETV shares through a private placement at IDR 50 per share, totaling IDR 1.26 trillion.

Additionally, FILM will acquire approximately 7.88 billion NETV shares from PT Teladan Investama, PT Indika Inti Holdiko, and PT Sinergi Lintas at a nominal value of IDR 200 per share, resulting in a total purchase price of IDR 394.44 billion.

To fund the acquisition, FILM will undertake a private placement, with PT Permata Surya Gitatama and PT Teladan Investama investing IDR 661.95 billion in new FILM shares through debt conversion.

Fidela Hasworini, Corporate Secretary of MD Entertainment, stated that the acquisition will expand FILM's activities in the media and entertainment industry, particularly in television broadcasting. "This transaction will position FILM as a competitive player in the Indonesian media and entertainment market and is expected to enhance shareholder value," she noted in a disclosure.

Hasworini also mentioned that the acquisition would enhance FILM's access to television distribution channels and provide NETV with FILM's production capabilities. Upon completion of the acquisition, FILM will become the new controlling shareholder of NETV. To facilitate this, FILM will hold an Extraordinary General Meeting of Shareholders (EGMS) on October 4, 2024.