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MNC's Asia Vision Network joins SPAC boom for planned Nasdaq listing
MNC Vision Networks subsidiary AVN has entered into a SPAC merger with Malacca Straits Acquisition to list its shares on Nasdaq by Q3 2021 at the latest.
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MNC Group executive chairman Hary Tanoesoedibjo (Bloomberg/File)
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T Asia Vision Network (AVN) announced in a statement on Monday that it would list its shares on the United States' Nasdaq Composite index to become a US-listed Indonesian holding company, through a special purpose acquisition company (SPAC) merger with Malacca Straits Acquisition Co. Ltd.
The planned listing hinges on AVN becoming a holding company formed from a merger between high-speed broadband and internet protocol TV (IPTV) service provider MNC Play, Android TV box PLAYBOX and mobile streaming application Vision+. AVN and Malacca Straits’ boards of directors have unanimously approved the merger, which is expected to close in the late second quarter or the early third quarter.
Part of the MNC Group media conglomerate, AVN is the subsidiary of Indonesian media giant PT MNC Vision Networks (MVN). The deal estimates the combined value of the enterprises at US$573 million and will result in net proceeds of around $135 million for AVN, assuming that Malacca Straits’s public shareholders do not redeem their shares or make any adjustments to the purchase price.
“Today, we have taken a significant step forward in our growth plans by improving our balance sheet. Being a US-listed company will give us access to growth capital and a global platform that is the best in the world,” MNC Group executive chair Hary Tanoesoedibjo said in a statement.
“We are also very excited to announce that we will be merging with a listed company on Nasdaq. We are sure that this will be a huge milestone and will create much greater opportunity for the company to grow and be more known in the international market,” the statement quoted MVN president director Ade Tjendra as saying.
He added that the firm was able to leverage the increasing demand for home entertainment amid the pandemic to book “strong growth”.
The statement claimed the company had an earnings before interest depreciation and amortization (EBITDA) margin of 61 percent last year, and projected an improvement to 75 percent in the next five years.
