TEMPO.CO, Jakarta - Movie studio company MD Pictures is officially listed on the stock exchange starting today, Tuesday, August 7. The company shares are listed as 'FILM', making it the first Indonesian first film company to trade shares on the market.
MD Pictures became the 31st issuer to have listed with the Indonesia Stock Exchange (IDX) this year. FILM president director Manoj Punjabi's said that by going public his company—as well as the film industry—ranks up by in class.
"We are ready for the next level; to be more transparent and open," Manoj said at the IDX Building on Tuesday, August 7.
He added that with MD Pictures' status as a public company, investors will have more confidence in the Indonesian cinema industry, which he said has great potential and opportunities in the future.
"Films are often underestimated, even though films influence culture and make trends," Manoj said.
The company offered 1.3bn shares, or 13.75 percent of its paid capital, during initial public offering (IPO) and shares conversion. Through the offer, the issuer booed Rp274.63bn proceeds.
MD Pictures' stock price opened at Rp314/share or up by 49.52 percent from its IPO price of Rp210.
IDX director I Gede Nyoman Yetna Nyoman hopes that the arrival of movie companies in the exchange can bring the entertainment industry closer to the capital market. "Hopefully investors will consider [the sector] to add to their portfolios," he remarked.
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