JAKARTA: PT Visi Media Asia Tbk (Viva), which operates TVOne station and online news portal Vivanews, plans to sell new shares in an initial public offering in July to help it expand and repay debts.The company expects to raise IDR1 trillion from the IPO, selling 2.29 billion shares or 14.21% of its enlarged capital. It has previously planned to sell between 20% to 30% of its shares.Visi Media Asia is the parent company of several media companies, namely PT Cakrawala Andalas Televisi (ANTV), PT Lativi Mediakarya (TVOne), and VIVAnews, an online news portal managed by PT Viva New Media.The company, led by Anindya N. Bakrie, the oldest son of patriarch Aburizal Bakrie, appointed PT Danatama Makmur and PT Ciptadana Securities as underwriters for the IPO.Danatama Makmur Director Vicky Gandasaputra revealed the possibility to have a series of road shows in neighboring countries, such as Singapore and Hong Kong."In offering shares to the foreign investors, we must be very careful in order to avoid violation of the existing regulation, particularly related to foreign ownership in media company," he said.He said the company has not yet determined the price of the shares that will be offered in the IPO. Media Vision Asia is an integrated media company owned by prominent shareholders, namely Star Vision, Bakrie, and Thohir family, he added.Besides offering new shares in the IPO, Viva will issue 571.50 million series I warrants that will be distributed to those subscribing the shares. Every four shares purchased, investors will be entitled to getting one warrant.In accordance with prospectus published by Viva, as much as 40% of the proceeds will be used to repay the companys loan worth US$54 million to Credit Suisse International and Credit Suisse Singapore.Another 40% will be used to finance capital expenditure of the company and its subsidiaries such as TVOne, ANTV, and VIVAnews and the rest will be dedicated for working capital of Viva.An analyst at PT Pemeringkat Efek Indonesia Achmad Kurniawan Sudjatmiko said the IPO of Media Vision Asia will be conducted on July 11, 2011. The date is considered appropriate since it coincides with the release of financial report in the first half of 2011."The timing is right since investors want to know about investment opportunities during the release of the financial statements in first half of 2011," he explained.Based on the data from Bapepam-LK, Visi Media Asia is part of the nine companies that will sell their shares through IPOs this year, with the total offered shares of 9.84 billion.Sidomunculs IPOEight other companies planning to hold IPOs are PT Sidomulyo Selaras Tbk, PT Indo Straits Tbk, PT Bahtera Niaga International Tbk, PT Metropolitan Land, PT Star Petrochem Tbk, PT Panin Life Tbk, PT Tifa Finance Tbk, and PT Minna Padi Investama Tbk.Founder and Director of Sidomuncul Irwan Hidayat said the company is ready to release 20% shares this year. A number of documents have been prepared by the companys management, but he was reluctant to confirm the timing."We have met with the underwriters. Some of the documents have been prepared. We just have to list them," he said.However, he added, there are little worries about the use of the proceeds. The company has had enough funds to develop its herbal products.Martha Tilaar Group, parent company of PT Martina Berto Tbk, examines a possible IPO within the next 5 years.Martha Tilaar, owner and founder of Martha Tilaar Group, said the company management is now preparing strategic plans to tap funds from the capital market.(t03/msw)

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