So the issuer, Punjabi Cs will release 20% of its shares to the public

Jakarta, CNBC Indonesia – PT Multi Dimensia (MD) Entertainment plans to release around 15% to 20% of shares to the public from a company valuation of IDR 2 trillion through iinitial public offering (IPO).

The target of funds to be raised in the IPO which will be held on July 17 2018 is IDR 300 billion. The plan is that the company owned by the Punjabi family will use the share code FILM.

“God willing, on July 17 2018 we will be ready for an IPO. Today is something extraordinary. So MD Pictures will become a benchmark for films as well as industries that have been listed on the Indonesian Stock Exchange (BEI),” said Manoj Punjabi, CEO of MD Entertainment on the Indonesian Stock Exchange (BEI), Friday (4/5/2018).

Later, the funds from the IPO will be used by the company to expand its film industry to the international arena.

“With these funds, it will be easier for us to expand abroad. On average we produce films with a budget and promotion of IDR 10 billion to IDR 15 billion, imagine how many films we can make,” added Manoj.

PT NH Korindo was appointed as the securities underwriter in the IPO plan.

IPO makes it easier to expand overseas

MD Entertainment management added that by being listed on the Indonesian Stock Exchange (BEI), MD Entertainment wants to invite investors to take part in developing the film industry in Indonesia.

“We want to show a different level in the film industry, so that investors believe in this industry. So that interest in this industry will be even higher,” added Manoj Punjabi.

He added that currently the company's assets reached IDR 1.1 trillion and equity exceeded IDR 1 trillion in the February 2018 bookkeeping records.

“I am sure that with the IPO, expansion abroad will be even easier. We will bring Indonesian artists to the international stage,” added Manoj.
Currently, his party is working on several film projects with the highest budget, namely the project entitled DOA with total funds reaching IDR 20 billion excluding film promotion funds.

Apart from that, MD Entertainment does not pay attention to the weakening market conditions. Considering this market weakness, it is considered that it has no effect on people's enthusiasm for the film industry.

“If I see the market is dropping, that's normal, if the economy is also dropping but people still want to watch films, so for me it's not a problem,” added Manoj.

(roy)