First Media Has Completed the Sale of its Stake in Link Net to Axiata Investments and XL Axiata
Jakarta, 22 June 2022. PT First Media Tbk (“First Media”, stock code KBLV) today announces the completion of the sale and transfer transaction of all of First Media’s ownership in PT Link Net Tbk (“Link Net”, stock code LINK) to Axiata Investments (Indonesia) Sdn. Bhd. (“AII”) and PT XL Axiata Tbk (“XL Axiata”, stock code EXCL).
First Media sold and transferred all its ownership in Link Net amounting 798,969,286 shares which represent 29.04% of all Link Net’s shares with total transaction value of IDR 3,835,052,572,800. Concurrently, Asia Link Dewa Pte Ltd (“ALD”) also sold and transferred all its ownership in Link Net to AII and XL Axiata amounting 1,017,766,198 shares which represent 36.99% of all Link Net’s shares. The total shares sold and transferred by First Media and ALD in this transaction amounting 1,816,735,484 shares, which represent 66.03% of all Link Net’s outstanding shares.
Credit Suisse Group AG and Deutsche Bank AG - Jakarta Branch act as financial advisors to First Media, while Credit Suisse Group AG acts as financial advisor to ALD in this sale and transfer transaction of Link Net shares.
First Media will use the proceeds of this transaction to strengthen its financial structure, including the repayment of its existing bank facilities, and to invest in prospective businesses thru its subsidiaries. With the digital industry becoming a new business landscape in the world today and the exponential growth of digital media consumption in Indonesia, First Media focuses on developing businesses in media, content creation and digital television broadcasting. Backed by the existing resources owned by First Media and its subsidiaries, specifically in talents, redactional capabilities, branding and media to deliver content, First Media is confident in its ability to grow and maintain a competitive edge in the media and digital industry.
ABOUT FIRST MEDIA
PT First Media Tbk (“First Media”) and its subsidiaries engage in the telecommunication, content creation, and media with a strong and popular brand among the Indonesian population. Among the print and online media owned includes Investor Daily, Investor magazine, Beritasatu.com and Jakartaglobe.id. First Media is also in the business of news content creation distributed through TV channels and production of TV programs, movies, and television commercials.