June 23, 2014 / 2:42 AM / in 4 years

INDONESIA PRESS-MNC group plans to acquire insurance firm-Kontan

MNC group, owned by media tycoon Hary Tanoesoedibjo, plans to acquire an insurance company through its unit PT MNC Kapital Indonesia, said CEO Darma Putra.

He added MNC Kapital had secured shareholders’ approval in an extraordinary meeting on June 20 to raise up to 2.34 trillion rupiah ($198.5 million) from a rights issue, releasing a maximum of 2.62 billion shares or 65.6 percent of its enlarged capital at a price of 900 rupiah per share. The firm will use part of the proceeds to finance the acquisition.

MNC Kapital is targeting net profit of 100 billion Indonesian rupiah this year, compared with net profit of 6 billion Indonesian rupiah a year earlier. The firm booked net profit of 16 billion Indonesian rupiah in the first quarter of this year. (Kontan)

Note: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 11,790 Indonesian rupiah) (Compiled by Jakarta Newsroom; Editing by Anand Basu)

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