Manoj Punjabi Company Reduces Shares Released to the Public

Jakarta, CNBC Indonesia – PT MD Pictures reduced the number of shares released to the public through an initial public offering (IPO) mechanism.

Previously, the company planned to release 1.98% of the shares, but this was later revised to 1.30 billion shares.

Based on information from the Indonesian Central Securities Depository, the shares will be released at a price of Rp 210 per share. Thus the company will obtain fresh funds of Rp 274.63 billion.

The company is scheduled to list its shares and trade its initial shares on August 7.

Simultaneously with this IPO process, MD Pictures will also issue new shares in the framework of implementing the mandatory convertible bond (MCB) conversion worth IDR 25 billion, which was made with LVP Investments Holding Ltd on February 14 2018 by releasing 119.04 thousand ordinary shares on behalf of .

All funds obtained by the company with the two schemes will be used to finance additional film production, exclusive contracts (lock up) with artists and directors, development of intellectual property rights and development of animated films.

MD Pictures is a company engaged in the entertainment sector, headed by Manoj Punjabi.