Indonesian media giant Global Mediacom has announced plans to list its native DTH provider MNC Sky Vision this year to raise funds “for expansion”.
“The underwriter will be appointed in the near future” to list shares on the Indonesia Stock Exchange, the…
Indonesian media giant Global Mediacom has announced plans to list its native DTH provider MNC Sky Vision this year to raise funds “for expansion”.
“The underwriter will be appointed in the near future” to list shares on the Indonesia Stock Exchange, the company revealed in a statement dated 27 January.
According to Mediacom, Indonesia has one of the lowest pay-TV penetrations in Asia Pacific, with less than 5% of households subscribing to these services.
The company expects Indonesia to see “the highest pay-TV subscriber growth in Asia Pacific with more than 30% growth compared to other countries such as Malaysia, Singapore, Japan”.
Sky Vision currently broadcasts from a single SES-owned satellite called Indosat II, also known as SES-7, at 108.2E.
It issued US$165m in five-year fixed-rate senior secured bonds on 16 November 2010 to refinance debt and purchase US$95m worth of S-band transponders from SES.
HSBC and Standard Chartered Bank were mandated as joint bookrunners and lead managers for the issue of the notes, which carry a 12.75% coupon and are non-callable for the first three years.
The Jakarta-headquartered company is 75% owned by Mediacom, which is itself 51% owned by Indonesian holding group Bhakti Investama.
Sky Vision posted a 36% rise in revenues to Rp1.44tn (US$160m) for the year to the end of December 2010, compared with of Rp1.06tn (US$118m) for the year before. EBITDA soared 63% to Rp522bn (US$58m) for full-year 2010, compared with Rp321bn for 2009.
The group was unable to comment before going to press.
