JAKARTA - PT MNC Vision Networks (IPTV) has signed an exclusive agreement with K-Vision for the acquisition of K-Vision majority shares for up to 60%. This acquisition will further enhance, strengthen, and complement IPTV Pay-TV package offering, which bodes well in various synergy with the Company’s strategy to opens up new opportunity to capture middle to low market segment.
K-Vision is Indonesia’s largest prepaid Pay-TV, which caters middle to low market segment that needs better quality and diverse FTA channels selections (local Indonesian FTA and international FTA). K-Vision offers low-priced Pay-TV packages through pre-paid voucher using KU-band satellite. Following this acquisition, the Company is targeting to achieve a combined of 200,000 new subscribers on a monthly basis.
On another positive note, as of 8 July 2019, PT MNC Vision Networks was officially listed on Indonesian Stock Exchange under the ticker symbol “IPTV”. The Company’s initial public offering price was set at Rp240 per share, representing 3,522,000,000 new shares of its common stock or 10% of adjusted share capital post-IPO, which puts the Company’s valuation post – IPO at Rp 8,45 trillion.
Each share will be entitled to one warrant to purchase one share of the Company at a price of Rp 288. Post-IPO, MNC Group still retains a controlling 90% stake in IPTV, before any exercise of the warrant. Assuming all warrants are exercised, MNC Group will control 80% of the Company.
“We are extremely happy to broaden our reach through the acquisition of K-Vision. The Company is incredibly excited by the opportunity to marshal our resources to continue elevate the IPTV brand in the nation. Through this acquisition, the Company can now capture all the available Pay-TV market segment in Indonesia. Together with our continuously growing line of services, this deal with K-Vision will for sure further solidify the Company’s leading market position in Indonesia.” (LM)