Bimantara to acquaire 'TPI

Bimantara to acquaire 'TPI

Dow Jones, Jakarta

Indonesia's PT Bimantara Citra will acquire a majority stake in television broadcaster PT Televisi Pendidikan Indonesia (TPI), as part of its efforts to boost its media business, its President Hary Tanoesoedibyo said on Tuesday.

Hary told reporters talks with TPI started early this year, but he couldn't say when they will be completed.

He declined to disclose the exact size of the TPI stake Bimantara is seeking, or the value of the planned acquisition in TPI, which is estimated to have a 17 percent share of TV audiences in the country.

Bimantara will acquire the stake either through its media unit PT Media Nusantara Citra, or through its television flagship PT Rajawali Citra Televisi Indonesia.

The group also owns a quarter of 24-hour news channel Metro TV.

"By acquiring TPI, we will be able to have a wider share of TV viewers," he said.

Bimantara, which has interests in media, telecommunications, transportation, infrastructure, automotive industry, and property is owned by a number of local investors.

Indonesian investment company Bhakti Investama owns the largest single stake at 24.9 percent.