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MNC Sky Vision to buy back 5% stake
In response to the current unfavorable market conditions, publicly listed pay TV operator PT MNC Sky Vision has announced that it will buy back 5 percent of its stake for Rp 619 billion (US$44
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n response to the current unfavorable market conditions, publicly listed pay TV operator PT MNC Sky Vision has announced that it will buy back 5 percent of its stake for Rp 619 billion (US$44.5 million).
The buyback would be up to 5 percent of the paid-up capital of the company, or 353,194,300 shares at maximum value of Rp 619 billion, said MNC Sky Vision investor relations head Teddy Pun in a disclosure published on Friday.
'The buyback will be carried out at an average price of around Rp 1,750 per share,' he said.
MNC Sky Vision, which is part of diversified conglomerate PT MNC Investama, has seen its shares slump to a level of around Rp 1,200 apiece from a peak of Rp 1,290 per piece.
MNC Investama president & CEO Hary Tanoesoedibjo said previously that his firm planned to buy back part of its stake in three of its subsidiaries as a short-term investment strategy amid fluctuation in the stock market.
It has been previously reported that the conglomerate will prepare a total of Rp 6.5 trillion to exercise the buy-back in the three subsidiaries.
MNC Sky Vision itself is currently 72.96 percent owned by PT Global Mediacom'a media business arm of MNC Investama.
The buyback period for MNC Sky Vision, which is listed on the Jakarta Stock Exchange (IDX) as MSKY, will last for 18 months after the firm obtains approval from an extraordinary general shareholders meeting, which will take place on July 28.
MNC Sky Vision has appointed PT MNC Securities as the brokerage firm for the corporate action. (koi/hhr)(+++)
