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Business deals

Indonesia's MNC seeks US listing for video streaming unit

Trump partner also hopes to raise $130m through SPAC merger

MNC Executive Chairman Hary Tanoesoedibjo says the merger and Nasdaq listing will likely improve AVN's balance sheet.   © Reuters

JAKARTA -- Indonesian conglomerate MNC Group is hoping to raise $130 million through a listing of its video streaming and broadband subsidiary on the U.S. Nasdaq exchange, following a merger with blank-check company Malacca Straits Acquisition.

Asia Vision Network, a subsidiary of MNC, and Malacca announced on Monday a "definitive business combination agreement," with the combined company valued at $573 million. Malacca is a special purpose acquisition company that has been trading on tech-heavy Nasdaq since last July.

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