Jakarta, CNBC Indonesia – PT MD Pictures Tbk (FILM) created a joint venture (JV) with two companies from South Korea and China. The initial investment for this new company is US$ 5 million (Rp 71.50 billion, an exchange rate of Rp 14,300/dollar).
Managing Director of MD Pictures Manoj Punjabi said the purpose of the JV was to produce films together and be marketed in the three countries.
“We are working with Studio Invictus from Korea and Xing Xing Studio from China. The size of the ownership is the same, one-third of all,” said Manoj at the Indonesia Stock Exchange Building, Jakarta, Tuesday (7/8).
Manoj said that this year the joint venture would produce one film with South Korean release rights. The company he leads also targets to be able to market their gilm production in China.
He mentioned, within a year the company targets to be able to produce 12-15 films. For one film, funds of Rp. 7 billion-Rp. 25 billion are needed.
This year, the company targets Rp 200 billion in revenue with a net profit of Rp 100 billion.
So issuers, Punjabi Cs will release 20% of their shares to the public