Indonesia: Tempo Inti Media attracts interest from six strategic investors in $7m rights issue

Photo: REUTERS/Garry Lotulung

One of Indonesia’s largest media groups PT Tempo Inti Media Tbk is looking to raise Rp99.99 billion (nearly $7 million) through the issuance of new shares, it said in a prospectus filing with the Indonesia Stock Exchange (IDX) on Friday.

According to the prospectus, six strategic investors have shown interest and are willing to shell out Rp25 billion to absorb new shares issued by Tempo.

Surya Citra Media, the listed operator of free to air television stations SCTV and Indosiar, plans to acquire 0.86 percent of Tempo’s shares, while Edwin Soeryadjaya, PT Sukses Perdana Mandiri, and PT Sinar Ganda Jaya are each looking to acquire 1.71 per cent. Other two investors Burlingham Internationa, and Erika Agatha Martono will hold 2.57 and 0.0003 per cent of the total shares, respectively.

The company is looking to conduct the rights issue starting from January 12 till January 18 selling 333.33 million new shares, or 31.4 per cent of its extended capital, at Rp 300 a piece.

Tempo will use the funds for business development, expanding its subsidiaries’ business and to repay debt plus interest payable to PT Bank Mayapada International Tbk.

The current majority shareholder, Tempo 31 Juni Foundation, has decided not to exercise its rights, which will dilute its holding in the company to 17.13 per cent from 25.01 per cent at present. As a result, magazine and book publisher Grafiti Pers will become the company’s majority shareholder with 24.28 per cent holding.

Other key shareholders of the company include Jaya Raya Utama (16.28 per cent), Tempo Employee Foundation (12.09), Jaya Raya Foundation (8.54 per cent), and former chief editors Bambang Harymurti and Goenawan Susatyo Mohamad with 0.38 per cent and 0.11 per cent share, respectively.

Incorporated in 1998 in Jakarta, Tempo is primarily engaged in the production and publishing of news. Its flagship product is Tempo, a weekly news magazine. It also publishes Koran Tempo, which is a daily newspaper; Tempo English, which is an English edition of Tempo, and Tempo.co, which is an online news portal.

Some other products of the company include Majalah Aha!, a monthly children magazine, and various lifestyle magazines, namely Travelounge and KOMUNIKA. The printing business is operated by its subsidiary, PT Temprint.

The company’s shares were trading at as high as Rp 414 ($0.03) apiece on the IDX on Monday.

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.