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First Media to divest its entire portion in Link Net worth IDR 3.84 trillion

03 June 2022 07:13

JAKARTA. PT First Media Tbk (KBLV) will sell off 29.04% of its portion in PT Link Net Tbk (LINK) to Axiata Group for a total transaction value of IDR 3.84 trillion.

On the receiving end, there are PT XL Axiata Tbk (EXCL) and Axiata Investment (Indonesia) Sdn. Bhd. (AII). After this transaction, KBLV is no longer listed as LINK’s shareholder.

The management of KBLV believed that the divestment of its stock ownership in LINK could repair the current financial situation, particularly in cutting down debt expenses.

In addition to that, this corporate action is intended to assist KBLV’s digital business development plan. In order to proceed with this divestment plan, the company will ask its shareholders for approval on June 6, 2022.

In the information disclosure in Indonesia Stock Exchange (IDX), Asia Link Dewa Pte Ltd (ALD) is reported to also chanel 29.04% of its portion in LINK to AII and EXCL. Therefore, LINK’s shares that will be taken over by AII and EXCL amount to 66.03% of its total shares. (KR/ZH)

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