JAKARTA PT MD Entertainment Tbk (FILM) announced the implementation of Capital Increase by Providing Pre-emptive Rights I (PMHMETD I) or right issue as part of a strategy to strengthen capital structure and support sustainable business expansion.
In this PMHMETD I, FILM issued 989,778,796 new shares that will raise funds amounting to Rp791.82 billion. Each 10 old shares gives the right to obtain 1 Pre-emptive Right (HMETD).
One of the main highlights of this corporate action is the significant participation of SBS Co., Ltd., a South Korean media and entertainment company. Through the transfer from PT MD Corp Enterprises, SBS Co., Ltd. obtained 413.8 million HMETD and has committed to implementing all these rights. The total investment disbursed by SBS Co., Ltd. reached IDR 331 billion, equivalent to around USD 20 million.
President Director of FILM Manoj Dhamoo Punjabi has also stated that he will carry out all of his Preemptive Rights directly or through the purchase of Preemptive Rights from PT MD Corp Enterprises.
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"The entry of SBS Co., Ltd. as a strategic investor not only strengthens the financial side, but also opens the potential for cross-border collaboration that is very valuable to our global expansion," said Manoj in a written statement.
The PMHMETD I proceeds will be used for: 1. Pay off loans to PT Bank Mandiri (Persero) Tbk amounting to Rp748.2 billion; 2. Working capital, including film production, and other operational costs.
With this Corporate Action, MD Entertainment hopes to reduce interest expense, improve financial ratio, and build a solid foundation for growth initiatives amidst the dynamics of the digital entertainment ecosystem.
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