MNC launches public offering, selling shares at Rp 900 each

The Jakarta Post, Jakarta

PT Media Nusantara Citra (MNC), a subsidiary of publicly listed media and telco group, PT Global Mediacom Tbk (formerly called PT Bimantara Citra), announced Thursday that it would sell its shares at Rp 900 (about 10 U.S. cents) each during the company's initial public offering (IPO) next week.

The shares will account for 30 percent of MNC's total shares, and will be offered in two series. The A series will comprise 1,375 old shares owned by the parent company, while the B series will comprise 2,750 new shares.

The shares, which are expected to generate fresh capital of about Rp 3.7 trillion, will be offered to the public from June 15 to 19, and will be officially listed on the Jakarta Stock Exchange on June 22 with the ticker MNCN.

MNC has received approval from the Stock Exchange and Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) to launch its IPO.

President director Hary Tanoesoedibjo said the company would use 76 percent of the IPO proceeds to strengthen its working capital and to finance its expansion in the media and broadcasting businesses, 13 percent to repay bonds worth Rp 385 billion that will mature next year and the remaining 11 percent to expand its operations.

MNC operates television stations RCTI, TPI and Global TV, radio stations Trijaya Network, Radio Dangdut TPI, Radio ARH Global and Women Radio, and online media Okezone, besides publishing the Seputar Indonesia daily, and tabloids Genie, Mom&Kiddie and Realita.(04)