PT Visi Media Asia Tbk (VIVA) plans to sell 15,294,059,976 shares or 39% of total issued and paid-up capital in PT Intermedia Capital Tbk (MDIA) to Reliance Capital International Limited (RCIL).
From the company’s brief prospectus quoted on Thursday (4/2), the sale of shares was carried out in order to settle debts (Senior Facility and Junior Facility) of VIVA and its subsidiaries to creditors amounting to IDR 2.42 trillion or equivalent to US $ 171.82 million. In addition, all interest and fees that have been incurred and have not been paid related to the Senior Facility and Junior Facility are written off.
The completion of this transaction will reduce the MDIA and its subsidiaries’ obligation, as well as anticipate the risk of fluctuations of rupiah against the dollar (US$), no hedging obligations, and increase the company’s equity. For approval of the plan, VIVA will hold an Extraordinary General Meeting of Shareholders (EGMS) on March 15, 2021.
Source: IDNFinancial | 3 Feb 2021