MNC Studios Owned By Conglomerate Hary Tanoesoedibjo Will Acquire Three Companies For IDR 3.38 Trillion

JAKARTA - One of the business entities belonging to the conglomerate Hary Tanoesoedibjo, PT MNC Studios International Tbk (MSIN) will acquire PT MNC Digital Indonesia (MDI) and PT MNC Portal Indonesia (MPI) from PT Media Nusantara Citra Tbk (MNCN). In addition, MSIN will also take over PT MNC OTT Network (OTT) from PT MNC Vision Networks Tbk (IPTV).

In an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted on Thursday 10 March, MSIN's management explained that the company plans to take strategic steps by consolidating MNC Media's digital assets through the acquisition of MDI and MPI shares from MNCN and OTT shares from IPTV.

"This is to create the largest digital entertainment group in Indonesia", explained MSIN management.

The total value of the share takeover transaction is IDR 3.38 trillion, with details of the takeover transaction of 99.99 percent of MDI shares from MNCN of IDR 1.99 trillion, the value of the takeover transaction of 99.99 percent of MPI's shares from MNCN is IDR 584.9 billion, and the value of the takeover transaction of 99.99 percent of OTT shares from IPTV is IDR 799.9 billion. transaction of 99.99 percent of OTT shares from IPTV amounted to IDR 799.9 billion.

MSIN's management stated that the company will make payments to MNCN and IPTV through the issuance of promissory notes with a period of five years which will mature on December 3, 2026.

MSIN's management will further seek approval for this proposed transaction from the company's independent shareholders at the extraordinary general meeting of shareholders (EGMS) which is scheduled to be held on Friday, March 11.

The full agenda of the MSIN EGMS is the approval of the change in the name of the company, the approval of the change in the composition of the company's management, and the approval of the plan for material transactions and affiliated transactions.