Bimantara formally owns TPI stake

Wed, 23 Mar 2005, 00:00 WIB | Source: JP

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

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