JAKARTA. PT MD Pictures Tbk (FILM) has reportedly increased its portion in PT Barakuda Film Galeri Indonesia by acquiring 39.99% of its shares.

Those shares were taken over from PT Demi Gisel Citra Sinema, an entity unaffiliated with FILM. The total transaction value of this shares acquisition clocks up to IDR 4.84 billion.

Prior to the acquisition, FILM had already been the controller of 60% of Barakuda Film. Therefore, as of now, the company will gain control over 99.99% of Barakuda Film's shares. "The purpose of this shares acquisition is to fully consolidate PT Barakuda Film Galeri Indonesia into the company," the management of FILM mentioned in the official statement.

The acquisition was funded fully by FILM's internal cash. For the record, the transaction is said not to have any material impact as its value only reaches 0.31% of the company's total equity.

According to IDNFinancials data, FILM recorded having cash and cash equivalent of IDR 399.26 billion at the end of March 2023. Its total assets were recorded at IDR 1.61 trillion, while its equity arrived at IDR 1.54 trillion. (KR/ZH)