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edia firm PT Elang Mahkota Teknologi announced on Tuesday that it would merge its subsidiary PT Indosiar Karya Media (IDKM), operator of the Indosiar television channel, with its other subsidiary PT Surya Citra Media (SCMA), which runs SCTV.

The merger is expected to become official after both publicly listed companies hold their shareholders’ meetings in April, according to ETMK investor relations executive Denny Suriandhi.

“This is merely a move to achieve business synergy and efficiency between the two television stations. We will use SCMA’s current name as the name of the new company,” he said during a telephone interview.

Under the merger, IDKM’s shareholders will be able to convert their shares into SCMA shares at a ratio of 1:0.481. The ratio is based on the appraised value of Rp 1,044 (11 US cents) per share for IDKM and Rp 2,171 per share for SCMA.

Following the merger, the new SCMA’s total assets will be worth an estimated Rp 3.77 trillion. Its liabilities and equity will stand at Rp 1.19 trillion and Rp 2.58 trillion, respectively.