Global Media Sells Plaza Indonesia Stake for $59m

PT Global Mediacom, Indonesia's largest media company, said it sold a stake in PT Plaza Indonesia Realty, raising Rp552 billion ($59 million).

Global Mediacom sold 649.3 million Plaza Indonesia shares at Rp850 each in a series of transactions from August 22 to 24, it said in a statement to the Jakarta Stock Exchange.

Global Mediacom had 650.11 million shares, or an 18.3% stake, in the shopping center and hotel operator as of June 30, according to Plaza Indonesia's first-half financial report.

”The sale is to improve the company's liquidity and to focus on the media and telecommunications business,'' Global Mediacom president Hari Tanoesoedibjo said in the statement, according to Bloomberg News.
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