JAKARTA - PT Net Visi Media Tbk (NETV) will conduct two corporate actions at once: reverse stock split and private placement, in order to strengthen its capital structure.

In the issued prospectus quoted Thursday (29/8), this production house and television broadcasting company, will initiate a reverse stock split with the ratio set to 2:1, meaning that two old shares will be converted into one single share.

The old shares’ value of IDR 100 will turn to IDR 200 each after this corporate action. Then, the issued and paid-up capital will be at IDR 11.72 billion, represented by 23.45 billion shares.

This plan will require approval from NETV’s shareholders during the upcoming Extraordinary General Meeting of Shareholders on October 8, 2024.

Then, 6 months after this reverse stock split, NETV will issue 29.63 billion series B shares through a private placement. The number of shares to be issued is equal to 71.65% of total issued and paid-up capital of NETV.

The private placement proceeds will be split into IDR 220.64 billion for converting payables owed to Newton Capital Ltd (NCL) and IDR 661.94 billion for converting payables owed to PT MD Entertainment Tbk (FILM). (LK/ZH)