JAKARTA – PT MD Pictures Tbk (FILM) will conduct a rights issue, offering 1.90 billion shares to gain extra capital for business expansion. The plan regarding this corporate action will be made official in the near future during the shareholders meeting.

In the information disclosure quoted Tuesday (2/5), Fidela Hasworini, Corporate Secretary of FILM, said that the rights issue is intended to cover capital needs to expand its business.

According to Hasworini, the digital business expansion contributed quite significant amount to the business growth, especially in direct-to-over-the-top (OTT), original OTT series, as well as its library and current movies. The company also obtains multi-annual license contracts with several renowned platforms, such as Disney +Hotstar, Viu, WeTV, Netflix, iFlix, Vidio,com, MOX, MAXstream, and iTunes.

The shares that will be issued are equal to 20% of FILM’s issued and paid-up capital. Until March 2023, the authorised capital hit IDR 2 trillion, followed by its issued and paid-up capital of IDR 951.12 billion, while the stock in its portfolio was worth IDR 1.04 trillion.

The issued and paid-up capital is divided among PT MD Global Investment of 50.50%, Manoj Dhamoo Punjabi (President Director) of 22.23%, Morgan Stanley and Co International of 14.62%, Shania Manoj Punjabi (President Commissioner) of 0.20%, and the public of 12.45%. (LK/ZH)