A Subsidiary Of MNC Vision Networks, The Company Owned By Conglomerate Hary Tanoesoedibjo Plans IPO In The US August

Conglomerate Hary Tanoesoedibjo. (Photo: Doc. Forbes)

JAKARTA - PT Asia Vision Network (AVN), a subsidiary of PT MNC Vision Network Tbk (IPTV) will be listed on Nasdaq, the United States capital market. The plan is that AVN will hold an Initial Public Offering (IPO) in August.

This was revealed in a virtual public expose of PT MNC Investama Tbk (BHIT), the parent business of MNC Group, on Tuesday, June 15 yesterday. The President Director of MNC Investama, Darma Putra said that last week his party had submitted the documents needed to hold an IPO.

"If there are no obstacles, in the next one or two months, AVN will take the floor on the Nasdaq. Maybe in August everything will be finished. And it can be officially registered on the Nasdaq," said Darma.

For information, MNC Group's statement in March 2021 revealed that AVN entered the US stock exchange through a merger with Malacca Straits Acquisition Company Limited. AVN and Malacca Straits Acquisition announced that they have signed a definitive business combination agreement.

The transaction implies a pro-forma company value of USD 573 million. From the review of the business combination transaction, AVN merged with Malacca Straits with the intention of listing on Nasdaq.

The business combination will generate approximately USD 135 million to AVN's balance sheet, assuming that there is no redemption by Malacca Straits public shareholders or adjustment of the purchase price.

After this business combination, AVN's shares and warrants will be listed on Nasdaq.

MNC Group will roll-over its 100 percent equity in AVN, and will receive additional AVN shares in connection with this merger. When combined with existing shares, IPTV will have a number of shares reflecting AVN's pre-money company value of USD 530 million, this value is subject to certain purchase price adjustments and compensation obligations and to the redemption value of Malacca Straits shares, if any.

AVN itself is a subsidiary of MNC Vision Networks (IPTV) which is the parent company of Vision+ which is engaged in the Over-The-Top (OTT) media business and MNC Play which is the 3rd largest broadband and Fiber Optic Cable TV operator in Indonesia.