JAKARTA. PT Tripar Multivision Plus Tbk (RAAM), a movie production house widely known as Multivision Plus, has secured approval from its shareholders is to modify the utilisation of the proceeds of its initial public offering (IPO).

In a meeting held a couple of days ago, shareholders agreed upon RAAM’s plan to utilise a portion of IPO proceeds as investment in other business lines. “In order to support the company’s business expansion,” the management of RAAM said in the official disclosure.

Aside from that, RAAM will still allocate the IPO proceeds according to the initial plan, which will cover the construction and operation of new Platinum Cineplex theatre. This new theatre will be established through its subsidiary, PT Platinum Sinema.

However, the location of this Platinum Cineplex, as admitted by the management of RAAM, will be changed because there is a more potential alternative. “By paying attention to the business dynamic and potential, the company also suggest not to name these cities directly,” added the management of RAAM.

For the record, Platinum Cineplex new theatre construction will be focused in Java, Kalimantan, Sumatra, and Sulawesi. (KR/ZH)