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First Media Shares Plunge on Frequency Permit Issue

Translator

Editor

19 November 2018 21:00 WIB

TEMPO.CO, Jakarta - The share price of multimedia company First Media (IDX: KBLV) opened today's trade at Rp280. The opening price showed a decline of Rp110 from Friday's closing price of Rp390 per share.

At around noon, KBLV rebounded to Rp351, or down 5.38 percent from the previous day.

The decline happened amid the government's plan to revoke the company's frequency permit after it failed to pay the rights fee to use the radio frequency spectrum. 

Read: First Media Shares Plunge on Frequency Permit Issue

The Communication and Information Ministry's acting spokesman Ferdinandus Setu said that First Media failed to pay for the rights fee until the due date of November 17. First Media, along with two other companies, have not paid the usage fee for two years.

So far, First Media has not made a statement about the government's plan to revoke the permit. 

CHITRA PARAMAESTI 

Business Competition


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