Jakarta, CNBC Indonesia – President Director of PT MD Graha Utama, who is also the majority shareholder PT MD Pictures Tbk (FILM), Manoj Dhamoo Punjabi, has for the umpteenth time reduced his shareholding in the film’s production company. But currently, the company’s shares have been suspended or temporarily suspended by the Indonesia Stock Exchange (IDX).
In his letter to IDX, this Tuesday (1/10/2019), Manoj informed that the sale of FILM shares was carried out 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.
This is a follow-up sale that film producers make Habibie & Ainun as well as Danor 3 the. Previously, Manoj sold 59,523,900 FILM shares and made MD Graha Utama pocket funds worth IDR 12.50 billion in two transactions.
The first selling transaction was carried out on September 4 at a price of Rp. 210/share with a total of 1,190,500 shares or a value of Rp. 250 million. The second selling transaction was carried out on September 6, totaling 58,333,400 shares at a price of IDR 210/share or IDR 12.25 billion. Thus, the total sales of these shares reached Rp 12.50 billion.
With the sale on September 19, the portion of MD Graha Utama shares in MC Pictures remaining became 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 %.
As of June 2019, MD Graha Utama still owns 62.50% of FILM shares, while the remaining 22.50% belongs to PT MD Global Media, and public investors. The portion of shares in June has not changed compared to the portion of shares at the end of last year.
On 19 July 2019, Manoj also reported that he had sold 247 million units of FILM shares, or around 2.6% of the total number of shares listed. At that time, the FILM shares sold by Manoj were released at a price of Rp. 700/share on July 9 2019. This means that from the transaction Manoj received Rp. 172.9 billion.
On October 1, IDX temporarily halted trading (suspension) of FILM shares in line with the significant decline in these shares. IDX data noted that in the last month FILM shares had collapsed by 71% and year to date fell 62%.
“[Suspensi] as of October 1 in the regular market and cash market, with the aim of providing sufficient time for market participants to carefully consider based on the information available in every investment decision making in FILM shares,” IDX management wrote.
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.
The number of shares released to the public last year was 15% of the total number of shares listed. FILM is a company that produces a number of well-selling films and soap operas which are shown in local cinemas.
Some of these films Danur 3, Twivortiare, Verses of Love 2and Habibie & Ainun.
Selling Billions of Shares, This is Manoj Punjabi’s Explanation