JAKARTA. PT Net Visi Media Tbk (NETV) has reportedly channelled an advanced pay of capital investment to one of its subsidiaries, PT Net Mediatama Televisi (NMT), worth IDR 822.59 billion, which will be used to pay off maturing loan.

The down payment of this investment will be used by NMT to pay off the entire outstanding loan and obligation to Newton Capital Ltd. Later, the capital investment received by NMT will be listed as capital raise.

For the record, the initial investment given by NETV is categorised as a material transaction, as the value is equal to 72.6% of total assets of the company as of December 31, 2023. However, this transaction is said not to require approval from shareholders, as the net working capital and equity of the company are at negative.

The management of NETV believes that this corporate action will facilitate NMT in improving its financial condition, as well as conducting other potential corporate actions. “By prioritising the best interest of the company and all stakeholders, including public investors of the company, without applying interest rate,” added the management in the official disclosure in Indonesia Stock Exchange. (KR/ZH)