First Media transfers its products to Link Net
JAKARTA. Through its subsidiary, PT First Media Production (FMP), PT First Media Tbk (KBLV) has sold seven of its product brands to the subsidiary of PT Link Net Tbk (LINK) for IDR 4.9 billion.
Harianda Noerlan, Corporate Secretary of First Media, reveals that LINK’s subsidiary in question is PT First Media Television (FMTV). The product brands purchased by FMTV include First Karaoke, First Dangdut, Mix Music, Foodie, Hi!, J’Go, dan First LifeStyle.
Noerlan adds that selling these products is intended so that FMP could focus more on television content production. “It includes in-house channel production, which would be broadcasted using private trademarks or others’,” Noerlan further elaborates in the information disclosure in Indonesia Stock Exchange today (28/7).
As an additional record, this transaction is categorised as an affiliate transaction, as stated in the Financial Services Authority Regulation (POJK) No.42/2020. “FMP and FMTV are both directly and indirectly owned by the company [KBLV],” Noerlan confirms.
Based on idnfinancials.com data, KBLV’s stock price on Wednesday (28/7) is reported to weaken 3.14% or 25 points, reaching IDR 770 per share. Meanwhile, LINK’s stock price is declining as well. It slightly slides off by 0.95% or 40 points to IDR 4,190 per share. (KR/ZH)