JAKARTA, investor.id – PT Global Mediacom Tbk (BMTR) is rumored to be merging with PT Media Nusantara Citra Tbk (MNCN). Both are in the MNC Group owned by Hary Tanoesoedibjo.
This was mentioned on the sidelines of the BMTR general meeting of shareholders on Thursday (28/7/2022), but it was not the result of the meeting’s decision. The news was also widely discussed by market participants.
Market participant Lukas Setia Atmaja uploaded a post on his Instagram account on Thursday (28/7/2022). Lukas uploaded a photo of Hary Tanoesoedibjo and Lo Kheng Hong on the sidelines of the BMTR GMS along with his statement.
“Mr. Lo Kheng Hong yesterday sailed from Labuan Bajo to today’s BMTR General Meeting of Shareholders and met with Pak Hary Tanoesoedibjo as the President Director of BMTR,” said Lukas in a statement. postwas quoted on Friday (29/7/2022).
“Note: Today the stock prices of BMTR and MNCN rose a lot because there was information during the AGM about the planned merger of BMTR with MNCN,” he continued.
Meanwhile, PT RHB Sekuritas Indonesia analyst Michael W Setjoadi in his research wrote that the merger would make BMTR a company holding Becomes operating company. In the current structure, BMTR owns 46.3% of MNC’s shares and also in IPTV. After the merger, BMTR will directly own 4 FTAs (free to air), MSIN, and IPTV.
According to him, the fair value of BMTR shares should be Rp 564 (70% upside), simply by valuing the incorporation of BMTR to be equal to MNCN’s current market capitalization. This is assuming a ratio of 1:1.2 BMTR:MNCN (20% more share value of MNCN than BMTR), in KJPP (third party assessment) BMTR valuation should be driven by stock valuation in MNCN and IPTV.
He said that a higher alpha is investing in BMTR, while it is safer to invest through MNCN because there must be a tender offer after the merger materializes at a value higher than the 30-day average closing price or deal valuation.
Meanwhile, in the first trading session, Friday (29/7/2022), BMTR shares opened at Rp 340, up 3.03% from the previous day’s closing. Since it opened in that session, BMTR has continued to climb up to 20% and is still continuing.
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While in trading on Thursday (28/7/2022), BMTR closed at Rp. 330 or increased 18.7% from the previous day’s closing.
Meanwhile, MNCN shares on Friday opened in session I at Rp 985 or the same as the previous day’s closing. MNCN’s shares also continued to climb and in one hour of trading touched the highest level at Rp 1,045 or up 6.09%. Meanwhile, the lowest level was Rp. 960.
Editor : Theresa Sandra Desfika ([email protected])
