Manoj Punjabi’s MD Entertainment wants to buy NET TV for IDR 1.6 trillion

Jakarta –

Manoj Punjabi’s PT MD Entertainment Tbk (FILM) will take over 80.05% of the shares in PT Net Visi Media Tbk (NET TV) with a transaction value of IDR 1,655,494,358,314 or IDR 1.65 trillion. Through this acquisition, MD Pictures will become the new controlling shareholder of NET TV.

To secure the acquisition process, MD Entertainment has signed several documents in the form of a Contractual Share Sale and Purchase Agreement (PJBS) and a Contractual Share Participation Agreement (PPSB) on August 26, 2024.

“The purpose of the Material Action Plan is a number of NET TV shares representing 80.05% of the issued capital and paid-up capital of Net TV taken or purchased by the Company,” explained MD Entertainment in the IDX Information Release, which was announced on Thursday 29/8/2024).

“The total value of the Material Action Plan is IDR 1,655,494,358,314. The total value of this transaction is more than 50% of the Company’s equity value based on the Financial Report,” the company explained again.

In detail, it is explained that this acquisition process was done by buying 25.22 billion shares of the new NET TV series at a value of IDR 50 per share. From this transaction, MD Entertainment cashed out worth IDR 1.26 trillion.

“PPSB on NET TV created by the Company and NET TV. Based on PPSB on NET TV, NET TV will issue 25,220,946,827 shares of the new series on NET TV to the Company with a nominal value of IDR 50 per share with a total subscription value of IDR 1,261,047,341,364 resulting in a change in control of NET TV from the previous administrator to the Company.

The entity owned by Manoj Punjabi will then buy around 7.88 billion NET TV shares from PT Teladan Investama, PT Indika Inti Holdiko and PT Sinergi Lintas Media. The purchase of these shares was made at a value of IDR 200 per share after the merger for a total price of IDR 394.44 billion.

“PJBS on NET TV was made by the Company as the buyer, and TI (PT Teladan Investama), IIH (PT Indika Inti Holdiko), and SLM (PT Sinergi Lintas Media) as the sellers,” explained the company.

“Based on PJBS in NET TV, the Company will purchase a total of 7,888,940,339 shares in Net TV, each with a nominal value of IDR 200 per share, which represents 19.07% of issued capital and NET TV paid capital thereafter. issuing New Shares with a total “The total purchase price is IDR 394,447,016,950,” continued MD Entertainment.

This construction plan is a Material Action according to OJK regulations in POJK No. 17/2020 and is expected to have a positive impact on MD Entertainment.

In this case, the company owned by Manoj Punjabi estimates an increase in revenue of at least 20%. In addition, this transaction is also considered to help develop MD Entertainment’s business by increasing the Company’s reach on television distribution channels.

“Considering that based on the pro forma consolidated financial informationreview “by Jamaludin, Ardi, Sukimto & Partners, independent auditors registered with the OJK, NET TV is expected to contribute at least 20% of the Company’s revenue,” the company explained.

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