Runway Broadband, Asia Link, Net Link inject Rp 2.35 Trillion

Wednesday, May 25, 2011 Label:
Asia Link Holdings Limited will invest in PT Link Net, a subsidiary of PT First Media Tbk, which is engaged in high-speed broadband Internet service, pay cable TV, and data communications.
Investment agreement Rp2, 35 trillion that has been signed with First Media Asia Link Holding. Asia Link Holdings Limited is a subsidiary of CVC Capital Partners Asia Pacific III LP and CVC Capital Partners Asia Pacific III-A LP Parallel
"In a general meeting of shareholders extraordinary (EGM) of the company today, it was agreed that issues relating to the transaction by issuing new shares in the LN," said President Director KBLV Hengkie Liwanto after the EGM on Tuesday.
He said the background executed transaction is intended to obtain the necessary financing company, FMTV and Link Net for growth and development of its business activities in the future.
In a series of actions, he said, CVC will pay First Media of Rp722 billion for bond instruments. In addition, the CVC also will inject funds worth RpRp1, 63 trillion to the LN for the exchange of new shares equivalent to 33.94 percent of shares LN.
He added, CVC also has an option to purchase additional shares in the LN, the combination that will enable CVC to have up to 49 percent of the LN.
Hengkie said, First Media also plans to further expand operations LN to serve the Indonesian market with cable pay-TV service, broadband Internet and data communication which wider and more efficient.
On the same occasion, Executive Chairman of First Media Peter Gotha added that the partnership with CVC is a positive corporate actions that will allow in more investment to the development of telecommunications infrastructure.
"EGM today is an important milestone for First Media, especially in realizing his vision for Indonesia to have digital connectivity and the Internet a better and more effective," he said.
In the EGM First Media has been approved from the independent shareholders on corporate transactions include the issuance of bonds, the issuance of new shares FMTV, vesting, reorganization, lending and management of LN Group Company based on the shareholders agreement.
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