Asia's television industry is talking about ... Bimantara takes control at TPI.(In The News)(Brief Article)

Television Asia, September, 2003

Bimantara group, the major shareholder of RCTI and Global TV, are set to become majority shareholders of TPI following an agreement to take over TPI's outstanding debt to satellite operator Indosat. Bimantara finance director, Diono Nurjadin, said the takeover would be made by Bimantara's subsidiary, PT Berkah Karya Bersama.

Five years ago, TPI issued convertible bonds worth US$17.6 million, equal to more than 40 percent shares, to Indosat. TPI's current majority shareholder is Tutut Indrarukmana, the first daughter of former president Suharto. Diono said Bimantara, whose major owners include Tutut's brother Bambang Trihatmojo, expects to own more than 50 percent shares of TPI. The decision to acquire TPI feeds Bimantara's ambition to develop its media and...

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