INM takes 20pc stake in the leading Indonesian newspaper publisher
Independent News & Media (INM) has spent $7.5m on its first foray into the Indonesian media market through the purchase of a 20pc stake in Abdi Bangsa TBK.
It is understood that the all-cash consideration for the publisher of Indonesia's highest circulating daily newspapers will be partly via a share rights placement as well as through the purchase of stock from existing shareholders to bring the INM stake up to 20pc.
Abdi Bangsa publishes daily newspaper Republika and is listed on the Jakarta Stock Exchange. It also has interests in online publishing, radio, magazines and books, as well as outdoor advertising.
Its main shareholder is Mahaka Media/Erick Thohir, who will retain a 52pc stake in the enlarged capital structure of the publisher.The Republic of Indonesia, with a population of more than 225 million people, is the world's fourth most populous country.
The move extends INM's reach further across the globe on top of its presence in markets including Ireland, Australia, India, New Zealand, South Africa and the UK.
INM, which publishes this newspaper, also publishes over 200 newspaper and magazine titles with a weekly audience of more than 100 million people.
This includes the world's largest read newspaper, Dainik Jagran, in India.
The group also has extensive online, radio and outdoor advertising assets in markets ranging from Hong Kong to Africa.
The biggest shareholder is Sir Anthony O'Reilly, who holds just under 28pc of the group. Sir Anthony and associated parties hold 29.4pc in the group.
- Ailish O'Hora
