Jakarta - The business entities of PT MNC Vision Network Tbk (IPTV), PT Asia Vision Network, and Malaca Straits Acquisition Company (MLAC) have agreed not to proceed with the merger transaction.

"This decision was taken after going through a roadshow assessment and the increasing enthusiasm of investors on the Indonesia Stock Exchange towards companies engaged in digital, including AVN's business focus," said IPTV Corporate Secretary Muharzi Hasril in the IDX information disclosure on  Monday (20/9).

According to Muharzi, previously, IPTV had processed merger transactions since the second semester of 2020. At that time, special purchase acquisition company (SPAC) transactions were still very attractive to investors on Nasdaq.

"Entering 2021, there are a lot of transactions at the SPAC on the Nasdaq, so it affects the valuation because the SPAC becomes overcrowded," he added.

This resulted in MLAC's share price