Jakarta, CNBC Indonesia – Film issuer PT MD Pictures Tbk (FILM) partnered with an entertainment company from Hong Kong, Xingxing, to form a joint venture in the foreign film adaptation and distribution business, namely PT The Mixx Entertainment.
Director of MD Pictures Venkatachari Soundararajan says Through the subsidiary which was formed on February 15 2019, the company will receive additional revenue from sales of films and videos produced.
“In addition, the company will also play a role in the global film industry, one of which is by adapting foreign films and distributing them both in Indonesia and abroad,” he said in an information disclosure on the Indonesia Stock Exchange, Tuesday (5/3/2019).
The authorized capital of Mixx Entertainment is Rp. 10 billion, the issued capital is also Rp. 10 billion, while MD Pictures’ capital ownership is Rp. 5 billion. MD Pictures took ownership of 50% of the shares, temporarily Xingxing (Hong Kong) International Investment Limited with 50%.
The source of funds used by MD Pictures for the establishment of this joint venture subsidiary is from the proceeds from the initial public offering (IPO) on the IDX. On August 7 2018, the issuer controlled by film personality Manoj Punjabi was officially listed on the IDX by obtaining funds
of IDR 274.63 billion.
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Prior to forming this joint venture, last February, MD Pictures went through PT MD Ritel Utama, in collaboration with Anyone F&C Co., Ltd and also Xingxing formed a subsidiary, PT MIXX ONE Food and Beverage.
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