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STOCKS NEWS INDONESIA-Indosiar, Surya Citra rise on merger plan
February 21, 2013 / 6:25 AM / in 5 years

STOCKS NEWS INDONESIA-Indosiar, Surya Citra rise on merger plan

Indonesian TV broadcaster PT Indosiar Karya Media, plans to merge with PT Surya Citra Media and close the deal by May, the companies said in a stock exchange filing on Thursday.

Indosiar shareholders will get 0.481 share of Surya Citra for each share held, implying a premium of 9.3 percent to Indosiar’s Feb. 18 closing price of 990 rupiah.

Post-merger, Surya Citra will remain the listed company and its shareholders will own 67 percent, while Indosiar’s shareholders will own the rest.

Surya Citra shares were up 2.3 percent at 2,225 rupiah and Indosiar shares rose 1.98 to 1,030 rupiah. The broader Jakarta Composite Index was up 0.19 percent.

1258 (0558 GMT)

(Reporting by Andjarsari Paramaditha in Jakarta, Editing by Prateek Chatterjee)

**************************************************************** 12:47 STOCKS NEWS INDONESIA-Indika buys 10 pct stake in Papua oil & gas block Indonesia’s PT Indika Energy Tbk will buy a 10 percent stake in West Papua oil and gas block from Indonesian unit of French oil major Total SA, Total said on Thursday.

Total E&P Indonesia West Papua will sell the shares of Southwest Birds’s Head production sharing contract to Indika Energy’s PT Indika Multi Daya Energi unit, but did not disclose the transaction amount.

“This transaction is a first step for developing a wider cooperation between Total and Indika Energy and demonstrates Total’s ability to team up with quality local partners to explore and develop Indonesian Oil & Gas resources,” Total’s Indonesia CEO Elizabeth Proust said in the statement.

On Monday, Total E&P, the biggest producer of liquefied natural gas in Indonesia, has added its voice to complaints by U.S. oil giant Chevron that Indonesia’s rules for overseas investors are hampering operations in the southeast Asian country. The move follows ExxonMobil’s difficulties to renew its local CEO’s work permit after the government accusing him of being uncooperative.

Shares of Indika were up 0.7 percent at 1,440 rupiah. The broader Jakarta Composite Index was up 0.19 percent.

1231 (0531 GMT) (Reporting by Andjarsari Paramaditha, Editing by Gopakumar Warrier)

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