JAKARTA - Asia Vision Networks, a subsidiary of PT MNC Vision Networks Tbk (IPTV) has submitted a draft report on the registration of the business merger with the Malacca Straits Acquisition Company (MLAC) to the United States stock exchange authority.
According to Bisnis report, AVN stated that the business combination is subject to the applicable closing terms and conditions as well as the approval of MLAC shareholders. The corporate action in the form of a merger is expected to be completed in the third quarter.
Later, after the validation process to the Securities Exchange Commission is complete, AVN will be listed on the NASDAQ as a new holding company from Indonesia.
"Together with Malacca Straits, we are determined to bring the fastest growing OTT and streaming business in Indonesia to be listed on NASDAQ, the world's largest capital market," said IPTV President Director Ade Tjendra quoted from Bisnis.
In March this year, AVN officially merged with Malacca Straits with a combined company valuation of US$573 million. (LM)