Bakrie Buy Lativi

Amid the presence of the consortium of Capital Managers Asia Pte Ltd. (CMA) that has controlled 100% PT Lativi Media Karya (Lativi), the television company has repaid its IDR418 billion debt to Bank Mandiri.

The Vice President of Lativi Media Karya, Harun Kussuwardhono, said last Friday that the company has repaid the debt to Bank Mandiri.

"We have repaid all our debt to Bank Mandiri. The money has been from the consortium of CMA as the acquisition of 100% of Lativi is in a package of repaying the debt to Bank Mandiri," he told me yesterday.

But he declined to explain the acquisition value of 100% shares of Lativi. "I am bound to keep it secret. But all obligations to Bank Mandiri have been repaid."

CMA is am investment and financial advisory company. With the head office in Jakarta and Singapore, the company has handled the investment and the bad loans of US$200 million - US$300 million.

The new owner of Lativi, CMA, is closely related to Bakrie Family, the owner of PT Cakrawala Andalas Televisi (ANTV). ANTV belongs to PT Bakrie Investindo (191,443 shares), PT CMA Indonesia (60,000 shares) , PT Bune Era Mandiri (53,880 shares), PT Satria Cita Perkasa (457,378 shares) PT Kencana Cita Kusuma (72,222 shares) and Nirwan Dermawan Bakrie (87,108 shares).

Bank Mandiri's Director Riswinandi admitted the bank has got the repayment of IDR418 billion from Lativi. "The total repayment was IDR309 billion, as the previous payment has been IDR109 billion,"

He said that the total debt if Lativi at Bank Mandiri was IDR270 billion. "The repaid debt as well as the interest is IDR418 billion."

Last year, CMA has transferred IDR59 billion to Bank Mandiri as the initial payment to acquire the major shares of Lativi. At the same time, A Latief Group also transferred IDR50 billion to Bank Mandiri to reduce the debt of Lativi.

The debts of other groups of A Latif --PT Pasaraya Tosersa Jaya and PT A. Latief Nusa Karya- have been transferred to the Director General for State Loan and Auction. Previously, TV3 of Malaysia and Khazanah Nasional Berhad, have been interested in acquiring Lativi. But the plan has been cancelled as it has been contrary to the UU No 3/2002 regarding Broadcasting that limit foreign ownership of 20% at broadcasting company. Bank Mandiri also has offered Trans TV to acquire Lativi, but the television company has acquired TV-7 instead.