Emtek Raises Rp 2.5t from Selling 4.9% shares in SCTV

JANUARY 07, 2015

Jakarta. Elang Mahkota Teknologi, one of Indonesia’s biggest media conglomerate, has sold some of its stake at its television network unit Surya Citra Media for approximately Rp 2.5 trillion to finance its operational needs.

In a statement listed on the Indonesia Stock Exchange (IDX) on Tuesday evening, Elang Mahkota Teknologi – or Emtek – stated that it’s sold 714 thousand shares of Surya Citra Media for Rp 3,500 per shares. The transaction was closed on Dec. 30, however, the company did not disclose who purchased the shares.

The news come a day after Singaporean investment firm Archipelago Investment bought 8.07 percent in Emtek for Rp 2.49 trillion.

In November last year, Emtek held 66.7 percent of Surya Citra Media. Following the sale, Emtek now owns 9.03 million shares – equivalent to 61.8 percent – of Surya Citra Media, according to an official statement.

Surya Citra Media, which is listed on the stock exchange under SCMA, operates two free-to-air national television networks in Indonesia: Indosiar and SCTV.

Emtek corporate secretary Monika Krisnamurti said that the company sold the shares to raise funds for its general expenses.

Shares of Emtek -- which trades under EMTK -- closed unchanged at Rp 8000 per shares on Tuesday, compared to the 0.98 percent loss in the main stock index.