IDX Opens Suspension of MD Pictures Shares, Shares Increase 1.5%

Jakarta, CNBC Indonesia – The Indonesia Stock Exchange (IDX) finally reopened stock trading PT MD Pictures Tbk (FILM), a company owned by Manoj Dhamoo Punjabi, after the suspension was carried out because the share price dropped significantly.

“The suspension of MD Pictures shares has been reopened on the regular market and cash market starting from trading session I, October 2, 2019,” wrote Lidia M. Panjaitan, Head of the IDX Stock Transaction Supervision Division and Irvan Susandy, Head of the IDX’s Trade Management and Operations Division, in an announcement written in Jakarta, this Wednesday (2/10/2019).

After opening today, FILM shares traded up 1.54% at the level of Rp 264/share at 11.44 WIB.

Previously, FILM’s shares kept failing, so they were suspended on October 1. Even in the current year, MD Pictures’ shares have fallen by 61.18%.

This decrease in shares occurred amid the action of releasing shares carried out by the owner. President Director of PT MD Graha Utama, who is also the majority shareholder MD Pictures, Manoj Punjabi, for the umpteenth time, released his share ownership in the film production house company.

It is recorded that Manoj has released FILM shares four times. In the information submitted on the Indonesian Stock Exchange’s website, Tuesday (1/10/2019), Manoj announced the sale of shares with the code FILM on September 19.

The company released 4,762,000 shares at a price of Rp 210/share so that it pocketed Rp 1 billion in funds. “[Terjadi] sale of shares of the main shareholder of MD Pictures directly,” wrote Manoj, quoted by CNBC Indonesia, Tuesday.

If you add up the previous shares selling action on September 4 and 6, when Manoj released 59,523,900 FILM shares and made MD Graha Utama pocket funds worth IDR 12.50 billion, then MD Graha Utama has reaped IDR 13.5 billion in cash.

With the sale on September 19 2019, the remaining portion of MD Graha Utama’s shares in MC Pictures was 5,633,084,100 (5.63 billion shares) or 59.22% from the previous 5.64 billion shares (5,637,846,100 shares) or 59. 27%.

If you add to the sales made on July 9 2019, when Manoj sold 247 million units of shares at a price of Rp. 700/share with fresh funds of Rp. 172.9 billion, then MD Graha Utama pocketed a total of Rp. 186.4 billion in selling funds.

FILM was the first film company to take the floor on the IDX on August 7 2018. At the time of the initial offering (IPO) FILM’s share price was released at Rp 280/share. Then this stock went wild and rose up to 453% to a price level of IDR 1,550/share.

FILM is a company that produces a number of well-selling films and soap operas which are shown in local cinemas. Some of the films include Danur 3, Twivortiare, Ayat-Ayat Cinta 2, and Habibie & Ainun.

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