The parent company of Indosiar, PT Indosiar Karya Media, plans to merge with the parent company of Surya Citra Televisi (SCTV), PT Surya Citra Media. The merger plans received approval from the board of commissioners on Feb.18.
Handoko, president director of Indosiar, said in a statement that the company had sent preliminary notification to the Indonesia Stock Exchange and capital market watchdog Bapepam-LK.
“The company won the approval from the board of commissioners to carry out a merger with media, telecommunications and IT solutions company Elang Mahkota Teknologi [Emtek], the majority shareholder of SCTV,” he said.
If the merger takes place, the new entity will have combined assets of IDR3.45 trillion and a combined market capitalization of IDR9.35 trillion.
Indonesia has 11 television stations. According to Nielsen’s Audience Measurement, as of September 2010, Indosiar controls the fifth-biggest market share with 10.1 percent, while SCTV controls 14.8 percent, the second-largest. Media Nusantara Citra Group’s RCTI has the largest share at 16.1 percent.
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