Regions

One of Indonesia's rising conglomerates CT Corp has offered an all-cash deal for the controlling stake in PT Visi Media Asia. The media firm was valued at US$1.8 billion and would strengthen the media business in the biggest economy in Southeast Asia.

According to Chairul Tanjung, the founder and chairman of CT Corp, in an interview with Reuters, his firm had wanted to purchase Visi Media from the Bakrie family of Indoneisa devoid of any partners. He added, "We are one of the preferred bidders, Our proposal is we want to buy it all... my pocket is still deep. (It is) ony us that can pay cash one hundred percent... but the deal is not done yet."

CT Corp is one of the biggest players in the media market in Indonesia. It controls two local television stations. Visi Media is owned by the influential Bakrie family and the sale would help finance a buy back program for its coal assets from Bumi Plc.

Tanjung even offered to take out a loan to purchase the stake but did not give details as to the amount of the loan or of the deal.