JAKARTA, (Xinhua) Saban Capital Group, a Los Angeles- based investment firm, is buying 5 percent of Indonesia's Media Nusantara Citra (MNC) for 692.3 billion rupiah (78.2 million U.S. dollars), the Jakarta Globe reported here on Tuesday. The investment firm, which specializes in media, entertainment and communications, can also purchase an additional 2.5 percent in MNC, which is controlled by Global Mediacom, the country's largest media company.
"We are strong believers in the growth prospects of the Indonesian economy, its positive consumer demographic trends and the growth of its media and content industries," Haim Saban, chairman and chief executive of Saban Capital, said in a statement.
Saban Capital will acquire 692.3 million MNC shares, equivalent to 5 percent of MNC's total outstanding shares, though it can also purchase an additional 346 million shares within 27 months.
Both sides are expected to complete the transaction by the middle of November, with Saban Capital working through its affiliate, Indonesia Media Partners.