JAKARTA, KOMPAS.com – In the Extraordinary General Meeting of Shareholders (EGMS), PT Visi Media Asia Tbk (VIVA) approved the company’s plan to sell 39 percent of shares in PT Intermedia Capital Tbk (MDIA), the holding company of ANTV television station.
The amount of shares released by media issuers Bakrie Group it is equivalent to 15.29 billion shares to Reliance Capital International Limited (RCIL), the party approved by the creditor to carry out the share sale and purchase.
Sale of shares The MDIA was carried out with a value of 171.8 million US dollars, equivalent to Rp 2.43 trillion or Rp 158 per share.
In the previous Additional Information Disclosure of the IDX, VIVA management explained the transaction sale of shares MDIA is part of a settlement scheme or repayment of all debts of the VIVA Group based on the Debt Settlement Agreement (DSA) which was signed on December 22, 2020.
“With the completion of this share sale transaction, VIVA will become a debt free company – Debt free company,” said President Director of PT Visi Media Asia Tbk, Anindya Novyan Bakrie in a press release, Monday (15/3/2021).
The agreement agreed by the two parties, among others, was that the final position of VIVA’s total outstanding principal amounted to 239 million US dollars. This consists of principal debt under the Junior Facility Agreement amounting to US $ 78.3 million, and principal debt under the Senior Facility Agreement amounting to US $ 161.3 million.
In addition, it also explained that part of the Senior Facility debt which is the responsibility of ANTV will be settled through the Refinancing Facility which will be obtained by ANTV from national banks amounting to Rp 960 billion or the equivalent of US $ 67.9 million assuming the rupiah exchange rate is Rp.14,130 per US dollar or Bank Indonesia’s middle rate as of December 10, 2020.
Thus, the total principal debt after deducting Cash Settlement amounting to 171.8 million US dollars, equivalent to Rp 2.43 trillion will be paid through the sale of MDIA shares.
All interest and fees that have been incurred and have not been paid in connection with the Senior Facility and Junior Facility are written off.
With cash settlement and the completion of the MDIA share sale transaction will cause the company’s debt to be paid off while still paying attention to the provisions regarding the minimum selling price of the object’s shares.