MD Pictures, KKN Production House In Dancing Village Wants A Rights Issue Worth Rp1.9 Trillion

Photo: Doc. Between

JAKARTA - PT MD Pictures Tbk (FILM) will increase its capital with pre-emptive rights (HMETD) or rights issue worth Rp1.9 trillion. The decision has been approved in the extraordinary general meeting of shareholders (EGM) for the KKN film production house in Penari Village.

MD Pictures will release a maximum of 1.9 billion shares or the equivalent of 20 percent

"The proceeds from the rights issue will be used for working capital and the development of the company's business activities," said MD Pictures Commissioner Manoj Punjabi in a written statement, quoted Friday, May 27.

The EGMS as well as the company's annual general meeting of shareholders (AGMS) were held on Wednesday, May 25. Followed by the company's annual public expose. One thing that was approved at the AGMS was the annual report and ratification of the company's financial statements for the 2021 financial year.

Throughout last year, MD Pictures recorded a positive performance by posting a net profit of Rp30.14 billion. Sales also experienced a sharp growth of 108.43 percent to Rp255 billion compared to the previous year of Rp122.36 billion.

In line with the rapid growth of the digital segment, total FILM revenue was also boosted to an increase of 85.73 percent, obtained from the digital platform segment.

"I am confident and optimistic that in 2022, MD Pictures will be more productive after the pandemic, so that we can pamper the public to enjoy quality cinematic works of art. MD Pictures also expresses its gratitude to the public for the extraordinary response to the latest KKN film in Desa Penari which has reached eight million viewers," said Manoj.

Previously, on April 30, 2022, MD Pictures had released a new film entitled KKN in Penari Village. In about three weeks, this film managed to reach more than 8 million viewers and became the highest-grossing Indonesian film.