First Media, CVC to Sell Link Net Shares for Rp8.16tn
14 October 2014 15:42 WIB
TEMPO.CO, Jakarta - Cable TV operator and internet provider PT First Media Tbk. and British private equity firm CVC Capital Partners plan to sell their stake in PT Link Net Tbk. (IDX: LINK) for up to US$668 million.
This value would be Indonesia's biggest stock sales in the last 18 months after CVC and other shareholders sold their shares to PT Matahari Department Store Tbk for US$1.48 billion in March 2013.
First Media corporate secretary Harianda Noerlan said the company has announced its plan to sell at least 11 percent of its shares in Link Net, as part of a planned sale by the Asia Link Dewa Pte. Ltd. and the other shareholders. The sale will be done through a private placement mechanism, both in Indonesia and abroad.
"We will sell 334.6 million shares in Link Net," Harianda wrote in a statement for the Indonesia Stock Exchange (IDX) yesterday.
In yesterday's trade, LINK lost 75 points (1.05 percent) to close at Rp7,100 per share. This year, the company has targeted to increase its sales by 20 percent target by adding 250 new household customers.
FAIZ NASHRILLAH | ABDUL MALIK | REUTERS
