JAKARTA. PT Tempo Inti Media Tbk (TMPO) has postponed the initial public offering (IPO) of one of its subsidiaries at the Indonesia Stock Exchange (IDX), which had been planned since March this year.
The subsidiary in question is PT Info Media Digital (IMD), which operates Tempo's online news portal tempo.co. According to Tempo's management, the IPO has been postponed due to current market conditions.
"The company is awaiting the appropriate time [for the IPO] while looking at other financing options," Tempo said in a stock exchange filing.
In the filing, the company also announced that it will restructure its capital structure and current debts. As of the first semester (1H) of 2020, Tempo had Rp 68.03 billion in current debts.
According to data compiled by IDNFinancials.com, Tempo posted a Rp 22.5 billion loss in 1H, far higher than its loss of Rp 4.94 billion in 1H-2019. The company's revenue in the period also dropped 36.86% year on year (yoy) to Rp 89.84 billion. (KR/MS)