Indonesia’s MNC Vision Networks acquires 60% stake in K-Vision

Indonesian currency Rupiah on hold by a cashier. Photo: Reuters

Indonesia-listed satellite TV and radio services company MNC Vision Networks is acquiring 60 per cent stake in prepaid satellite TV provider K-Vision, according to an announcement.

The acquisition will help MNC Vision ramp up its services in the paid TV business and tap the middle-low customer segment. The company is looking to grow its business through this acquisition, its CEO Ade Tjendra said.

K-Vision is currently the biggest pre-paid TV service provider in Indonesia that also provides free-to-air (FTA) services.

Following the acquisition, MNC Vision targets to add 200,000 new subscribers every month.

Currently, MNC Vision holds 96 per cent of the market share for direct-to-home (DTH) paid-TV services, which makes it the largest provider in the country. In 2018, the company had a subscriber base of 2.4 million. Besides paid-TV business, the company also provides internet services through its viber-optics network. MNC Vision has 262,000 internet subscribers so far.

MNC Vision launched its IPO on July 8 wherein it raised a total of IDR 845.28 billion ($60.6 million).