An IPO had been expected in the third quarter.”The IPO process is still ongoing.. We will do either an IPO or private placement for MNC Skyvision,” said Tanoesoedibjo, declining to gave the reasons why the company decided to delay the IPO plan.Sources told Reuters in March this year that MNC Skyvision planned to sell up to a 30 percent stake in an IPO and it had appointed UBS and Morgan Stanley as the underwriters.Two sources with direct knowledge of the plan told Reuters on Tuesday that the firm has decided to delay the IPO because of concerns over pricing given weak investor sentiment due to the eurozone debt crisis.”Tanoesoedibjo is considering to sell a significant minority stake in MNC Skyvision to a strategic investor now as IPO appetite is not looking good,” said one of the sources, who declined to be identified as the discussions were private.The sources say the pay TV operator could be valued at over $1 billion including debt.MNC Sky Vision is Indonesia’s market leader in satellite pay TV, with a 78 percent market share from its two brands Indovision and Top TV, although pay TV market penetration rates are still low in the world’s fourth most populous nation.

The buyers are British real estate investor Leo Noe and Isralom, a company owned by Canadian-American Matthew Bronfman and his partner Shalom Fisher, the statement said.The amount reflects a share price of 24.18 shekels per share, a 47 percent premium to the stock’s closing price on Tuesday. Super-Sol has a market cap of 3.57 billion shekels.The Tel Aviv market was closed on Wednesday for a holiday.A payment of 650 million shekels will be made at the time of the deal’s closing, which is expected no later than December 15, and the remaining 1.77 billion shekels will be paid within five years, the statement said.The deal was subject to receipt of various approvals including the anti-trust authority, the company said.Bronfman is part of a group that controls Israel Discount Bank (DSCT.TA), Israel’s third-largest bank.Israel has recently taken aim at large conglomerates and is passing new legislation to force them to sell off either financial or other “real” assets and boost competition.IDB Holding Chairman Nochi Dankner said he had to consider the attractive offer seriously above his personal connection to the supermarket chain.IDB, under pressure to divest certain assets, has been moving a large part of its activities abroad.”Since 2003, I am acting aggressively to reduce the group’s activity in Israel and increase its activities and assets outside Israel,” Dankner said in the statement. “We’ve sold dozens of companies and businesses and expanded our activities abroad.”($1=3.66 shekels)