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ublicly listed PT Elang Mahkota Teknologi (EMTK) has raised Rp 1.69 trillion (US$179 million) from divesting its shares in PT Surya Citra Media (SCMA) and PT Indosiar Karya Media (IDKM) to develop its media business.

SCMA has the majority of shares in television broadcasting company, Surya Citra Televisi (SCTV), while IDKM owns the majority of shares in another television broadcasting company, Indosiar. The two broadcasting companies are among the oldest television companies in Indonesia.

“At the moment, the price of the shares is good,” EMTK investor relations representative Titi Maria Rusli said on Friday. “The money generated from the sales will be used to finance our business expansion.”

EMTK has relinquished 121.5 million shares (6 percent of its total ownership) and 97.5 million shares (4.95 percent) in IDKM and SCMA, respectively. The company currently has 72.76 percent in IDKM and 75 percent of shares in SCMA.

EMTK sold the shares after trading on July 26. It sold its IDKM shares for Rp 5,880 apiece, a 2 percent discount from its previous closing price of Rp 6,000; and its SCMA shares for Rp 10,000 apiece, 7.4 percent discount from SCMA’s previous closing price of Rp 10,800.

Friday’s trading closed with shares of IDKM being sold at Rp 5,600, down 6.7 percent from a day earlier. Shares of SCMA also saw a decline by 3.2 percent from a day earlier to a level of Rp 10,450.