Bhakti intends to take over `SCTV'<\/p>\n
JAKARTA (JP): Publicly listed PT Bhakti Investama plans to
\ntake over ownership of private television station PT Surya Citra
\nTelevisi (SCTV) from its other existing shareholders, a source
\nhas said.<\/p>\n
Datacom Asia's lawyer Hotman Paris Hutapea said here over the
\nweekend negotiations on the takeover plan were underway. Datakom
\nis a shareholder in the television station.<\/p>\n
\"Bhakti plans to acquire 100 percent of Mitrasari and
\nDatakom's shares in SCTV,\" he was quoted by Bisnis Indonesia as
\nsaying.<\/p>\n
The television operator is 52.5 percent owned bt PT Mitrasari
\nPersada, a company jointly owned by chairman of the Napan Group
\nHenry Pribadi and cousin of former president Soeharto,
\nSudwikatmono. Datacom owns 47.5 percent.<\/p>\n
Bhakti Investama, which serves as one of the investment
\nvehicles of prominent American fund manager George Soros,
\nacquired Mitrasari in a debt to equity swap with the company's
\nshareholders, making it the majority shareholder in the
\ntelevision station.<\/p>\n
Shareholders approved in November last year the proposal to
\ninject Rp 100 billion in fresh capital into the television
\nstation but Datacom failed to meet its commitment to inject more
\nequity, resulting in the dilution of its stake to 26.85 percent.
\nMitrasari's stake increased to 73.15 percent.<\/p>\n
Datakom opposed the change in ownership, saying it did not
\nagree with the capital increase proposal.<\/p>\n
Hotman said there had been an initial agreement between
\nMitrasari and Datakom to settle the dispute over the ownership of
\ntheir stake in the television station.<\/p>\n
Bhakti, which controlled the television station through
\nMitrasari, was also involved in the initial agreement, he said.<\/p>\n
But Bhakti's president Hary Tanoesodibjo declined to comment
\nabout the agreement. (07)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bhakti-intends-to-take-over-sctv-1447893297",
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