PT Visi Media Asia Tbk saw its shares increased by as much as 20.4% following a takeover proposal that it received for Indonesia-based CT Corp.

Chairul Tanjung, the fifth richest man in Indonesia, uses his vehicle CT Corp. to make proposal to acquire a major stake in Visi Media being valued at up to $1.8 billion in all cash deal, an agreement that would let him get the biggest share of the television advertising market in the biggest economy of Southeast Asia.

In February this year, the Bakrie family, which controlled Visi Media, was speculated to have been negotiating with local bidders for the company including PT Elang Mahkota Teknologi, CT Corp., MNC Group on the sale of its 51% stake in a bid to finance a plan to buy back its coal assets Bumi Resources from Bumi Plc.

Shares in Visi Media rose 16.67% at 630 rupiah, surpassing the 0.1% increase of the broader Jakarta Composite index.