Bimantara formally owns TPI stake

JAKARTA: PT Berkah Karya Bersama, a unit of telecommunications and media conglomerate PT Bimantara Citra, has officially become the majority shareholder of the Televisi Pendidikan Indonesia (TPI) television station via a debt-to-equity conversion.

The conversion -- for a 75 percent stake in the station -- was approved at TPI's extraordinary shareholders meeting held last week, said Bimantara in a statement received on Tuesday.

Last year, Bimantara, the owner of two other television stations, Rajawali Citra Televisi Indonesia (RCTI) and GlobalTV, took over some Rp 500 billion (US$53.47 million) of TPI's debts, of which Rp 350 billion were in convertible bonds held by telecommunications giant PT Indosat.

The shareholders meeting also approved the installing of Dandy Rukmana -- former president's Soeharto's grandson -- as the new chief commissioner and Sang Nyoman Suwisma as president director. -- JP