Independent News & Media has bought a 20 per cent stake in Abdi Bangsa, an Indonesian media company that owns the Republika newspaper, billboard and internet companies.
In a statement released to the Dublin market IN&M said the 20 per cent stake cost €4.72 million ($7.5 million), valuing the publicly listed company at €24.20 million ($37.5 million), and is the maximum stake allowed by Indonesia.
IN&M said Abdi Bangsa, is listed on the Jakarta Stock Exchange, has interests in national newspapers, online publishing, radio, magazine and book publishing.
As part of this transaction, it will be proposed that Gavin O'Reilly, group chief operating officer of INM, be elected to the Abdi Bangsa board.
Mr O'Reilly said IN&M was pleased to be investing in the exciting and rapidly developing Indonesian media market.
Yesterday IN&M shares closed up 1.5 per cent at €2.21 on the Dublin market.