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AKARTA: Capital market regulator Bapepam-LK says that SCTV holding company PT Elang Mahkota Teknologi Tbk.’s acquisition of PT Indosiar Karya Media Tbk was complete.

The legal opinion of the Indonesian Broadcasting Commission (KPI) would not necessarily delay the acquisition, according to Bapepam-LK’s chief for financial report inspections for service companies, Gonthor Ryantori Azis.

“The transaction and tender offer processes were done. So there’s no delay even though KPI said that there might be other potential legal violations,” Gonthor said. KPI previously stated that the acquisition was illegal because it might lead to a television broadcast cartel in the country.

Gonthor said that KPI’s opinion was only input for the relevant authority, the Communications and Information Ministry.

“The ministry has not yet signalled a caveat, so the process can continue,” he told detikfinance.com.