The IDX is again searching for the issue of selling shares, this is Manoj Punjabi’s answer

Jakarta, CNBC Indonesia – Management PT MD Pictures Tbk (FILM) again providing an explanation regarding the three share sales transactions carried out by the holding company PT MD Graha Utama led by Manoj Punjabi.

The explanation provided by FILM’s management answered questions from the Indonesia Stock Exchange (IDX) regarding the share sale transaction that occurred on September 4, 6 and 19 2019.

“Based on the information obtained at MD Graha Utama, the three transactions are ordinary transactions which are follow-ups and fulfillment of commitments to agreements with other parties on June 4 2018 and June 16 2018,” said the Director concurrently Corporate Secretary FILM Venkatachari Soundararajan, in the disclosure of information submitted to the IDX, this Tuesday (8/10/2019).

However, the letter did not mention the form of the agreement with the other party. However, it is possible that the agreement was made when the company was in the process of listing its shares on the IDX.

MD Pictures shares were officially listed on the IDX on August 7 2018. The share price offered to the public at that time was IDR 210/share.

Meanwhile, the transaction in question is a sale transaction made 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.

Then MD Pictures also announced the sale of FILM shares which 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.

“In this case, the three transactions are based on an agreement. In this case, the explanation referred to is a matter that cannot yet be published,” said Venkatachari.

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 %. MD Graha Utama is a company owned by Manoj Dhamoo Punjabi.

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.

During this morning’s trade, FILM’s share price fell 4.72% to a level of Rp 242/share. Transaction volume was recorded at 16.12 million units valued at Rp 4.09 billion.