First Media to sell off LinkNet stake

7 Oct 2014

First Media, the media arm of Indonesian conglomerate Lippo Group, plans to sell off a minimum 11% stake in its internet service provider (ISP) PT LinkNet, raising around IDR1.97 trillion (USD161.7 million) in the process. In a prospectus filing, the parent – which owns 41% of the ISP – says it will use the proceeds to pay debt, strengthen internal cash and improve its capital. If all goes to plan, First Media aims to sell a maximum (combined) 60% of shares that currently belong to the company and fellow shareholder CVC Capital Partners Asia Pacific (through Asia Link Dewa), which holds a 49% stake. The remaining 10% of LinkNet is in public hands.

Indonesia, LinkNet (First Media)