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Tuesday, February 15, 2011

Visi Media Asia will IPO $100 mio

Irvin Avriano A.

JAKARTA: PT Visi Media Asia, a Bakrie Group media company, will held an initial public offering (IPO) valued US$100 million, with help from two local underwriters namely PT Ciptadana Securities and PT Danatama Makmur.

Visi Media Asia, lead by the oldest son from Golkar Chairman Aburizal Bakrie, Anindya Novyan Bakrie, is a holding company for television companies namely ANTV, tvOne, and a news portal Vivanews.

"We have been shortlisted at the beginning of underwiters qualification, but we don't pass it. They planned to listed their shares on 2nd semester," said an investment banker last weekend.

The other source said the total market capitalization from the company reach $400 mio and the future emitters intends to listed around 25%--30% from their shares. He said Visi Media Asia also intend to picking another global investment banks to arrange the shares issuance.

"Right now they still in qualification process to pick the arranger."

Visi Media Asia carries brand Viva Group, a domineer to PT Cakrawala Andalas Televisi that carries ANTV brand, PT Lativi Media Karya that controls tvOne, PT Viva Media Baru that have VIVAnews, and Channel [V] Indonesia.

Anin, short name of Anindya, is a third generation and become successor of Bakrie family business heritage. He is a grandchild of Achmad Bakrie, the founder of Bakrie Group that firstly established as CV Bakrie & Brothers in Teluk Betung, Lampung province, Sumatra Island, in 1940. The CV Bakrie & Brothers company which is a precursor to Bakrie Group business, is initially incorporated to trade rubber, pepper, coffee.

Right now Anin served as president director and chief executife officer (CEO) of Visi Media Asia, along with his position as chairman and president commissioner in tvOne and ANTV.

He also served as president director and CEO of PT Bakrie Telecom Tbk (owns CDMA based cellular operator Esia and PT Bakrie Connectivity that carries Aha brand for internet connection).

But the info came up and followed by questions in several capital market players. Is Visi Media Asia have a true assets that makes the company owns $400 mio market capitalization?

Is Viva Group still feasible enough for an IPO? Is the company still clean from another financial engineering that often managed by Bakrie Group? Is it still enough assets from Bakrie Group's company to be handed over to public investors?

Is it worthy for public investor to owns the new listed shares? Will they frustrate public investor again? Of course there are still no answers, related to still too early info that can be achieved at this time. The answers also still in Bakrie Group management and executives' minds. Let's hope that they will not do the same thing on the future IPO this time.

*) picture is a credit to http://i.okezone.com/content/2008/05/26/21/112570/th7pJ6cbcQ.jpg

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