PT Visi Media Asia Tbk (VIVA) plans to sell 15,294,059,976 shares or 39% of its shares in PT Intermedia Capital Tbk (MDIA) to Reliance Capital International Limited (RCIL).

Based on VIVA's disclosure of information, Thursday (4/2), RCIL is the party that receives the transfer of rights from facility creditors to settle VIVA's debt based on a debt settlement agreement of US $ 171.825 million or equivalent to Rp2,427 trillion.

The share sale transaction is part of the settlement scheme or repayment of all VIVA debts based on the Junior Facility Agreement and CAT and LM debt based on the Senior Facility Agreement as agreed in the Debt Settlement Agreement.

The details are the final position of VIVA's total outstanding principal loan of US $ 239,766,185.24, consisting of principal debt under the Junior Facility Agreement amounting to US$ 78,371,904 and principal debt based on the Senior Facility Agreement amounting to US$ 161,394,281.24.

Part of the Senior Facility debt, which is the responsibility of PT Cakrawala Andalas Televisi (CAT), will be settled through a Refinancing Facility, which CAT will obtain from national banks amounting to Rp960,000,000,000.

The total principal debt after deducting Cash Settlement or amounting to US$ 171,825,633.22 and all interest and fees that have been incurred and have not been paid in connection with the Senior Facility and Junior Facility are written off.

This corporate action plan requires the approval of the EGMS because the transaction value of the sale of shares is greater than 50% of the company's equity-based on the consolidated financial statements for the period of September 30, 2020, which amounted to Rp45.057 billion.