HONG KONG (Indonesia Today) – Moody’s Investors Service has changed to positive from stable the outlook for PT MNC Sky Vision Tbk’s (Sky Vision) B2 corporate family and senior unsecured bond ratings.
“The change in outlook reflects Sky Vision’s strong liquidity and financial profile following the completion of its IPO in July,” says Annalisa Di Chiara, a Moody’s Vice President and Senior Analyst.
“The company received around IDR1.2 trillion (USD127 million) from the sale of its primary shares. Proceeds from the IPO will alleviate funding pressures related to the company’s capex and growth strategy over the next one to two years,” adds Di Chiara.
Approximately 70% of the proceeds from the IPO are earmarked for capex including the purchase of set-top boxes and other supporting broadcast equipment. The balance of the proceeds will be used to repay debt, including intercompany loans from its parent, PT Global Mediacom Tbk, and for working capital purposes.
Sky Vision is the largest pay-TV provider in Indonesia, with a market share of around 70%.