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CORPORATION

Winding Road for Settlement of Hary Tanoe’s Media Holding Firm Debt

Global Mediacom requires fresh funds to settle its debt and that of MNC Sky Vision worth US$ 119 million, which is due for payment next year.

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| Elnur Amikishiyev | 123rf.com

MNC Group’s media, telecommunications and entertainment businesses are facing problems. PT Global Mediacom Tbk (BMTR) bears the burden of its debt and that of PT MNC Sky Vision Tbk (MSKY) worth US$ 119 million, which is due for payment next year. To obtain fresh funds, the media holding firm owned by tycoon Hary Tanoesoedibjo will hold two corporate actions – private placement and release of PT MNC Vision Network’s shares to strategic investors.

PT Pemeringkat Efek Indonesia (Pefindo) has assigned its idA+ rating for Global Mediacom for 3 July 2018 to 1 July 2019. Its rating outlook was lowered from “Stable” to “Negative” due to continuous weakening of capital structure and cash flow as a result of additional short-term debt and the guaranteed debt of its subsidiaries.

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