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23 February 2021 (closed)
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Indonesian television station Cakrawala Andalas Televisi (ANTV), owned by the controversial Bakrie Group, is conducting an initial public offering (IPO) on the Indonesia Stock Exchange (IDX). Bookbuilding started today (28/02) and will continue up to 7 March 2014. Its listing on the IDX is planned for 27 March 2014. The company will offer 588.2 billion shares, 15 percent of its enlarged capital, to the public through this corporate action. Sinarmas Sekuritas has been appointed as underwriter of the IPO.
ANTV, which presents a variety of entertainment shows for families and children as well as sports, is the subsidiary of the Bakrie's media vehicle Visi Media Asia (VIVA). The company will use 80 percent of the funds generated through the IPO for capital expenditures, for example the purchase of land in East Jakarta or Bekasi for the construction of a new TV studio. Ten percent of the funds will be used for loan settlements, while the remaining 10 percent will be used for operational expenses.
The television station is Indonesia's seventh most viewed station with a market share of 6.7 in February 2014.
ANTV is closely linked to Aburizal Bakrie, Chairman of Golkar (one of the largest political parties of Indonesia) and presidential candidate for the 2014 elections. Due to the legislative and presidential elections (scheduled for April and July 2014) advertisement spending will increase between 10 and 15 percent. ANTV is one of the media institutions that can benefit from this, provided that they are open to advertisement from other political parties.
|Television Station|| February 2014