SCTV To Sell 375m IPO shares

SCTV To Sell 375m IPO shares

JAKARTA: Private television company PT Surya Citra Media said
Monday that it plans to sell 375 million shares, or 19.8%, of its
total shares, in an initial public offer between July 3 and July
5.

The IPO will be priced at Rp 1,100 rupiah a share.The company
said the shares have a par value of Rp 250 each.

Surya Citra Media said it plans to raise around Rp 412 billion
from the IPO. The shares will be listed on the Jakarta Stock
Exchange July 16.

Credit Lyonnais Capital Indonesia, a joint venture securities
firm, is the lead underwriter for the offer.

Surya Citra Media, which owns 100 percent of private
television company PT Surya Citra Televisi, said it will use the
proceeds from the offer to repay debt valued at Rp 230 billion,
develop its in-house production program worth around Rp 150
billion, and with the remainder to be used for working capital.

Surya Citra said it expects to book revenue of Rp 816 billion
this year, up 12 percent from Rp 729 billion last year. Its net
profit is expected to jump to Rp 197 billion from Rp 7.8 billion
last year, mostly due to contribution from the offer proceeds
which will reduce its debt servicing. Dow Jones