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MD Pictures sells 14.62% stake to China's Tencent
Chinese technology conglomerate Tencent Holdings has acquired 14.62 percent of the publicly listed production house in a transaction aimed at enabling the Indonesian company to expand its global reach.
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Chinese technology conglomerate Tencent Holdings has acquired 14.62 percent of the publicly listed Indonesian production house MD Pictures. (China Daily/File)
Chinese technology conglomerate Tencent Holdings has acquired 14.62 of the publicly listed Indonesian production house MD Pictures.
In the transaction, MD Pictures founder and CEO Manoj Punjabi sold 14.62 percent of the homegrown film company, equivalent to 2.23 billion shares, thereby reducing his ownership to 8.86 percent.
The transaction was published in the company’s information disclosure on Tuesday, but it was not immediately revealed who Punjabi had sold his shares to. Later, it was confirmed that Tencent was the buyer.
“Yes correct. The 14.62 percent was sold to Tencent, so they have a minority [stake in MD Pictures],” Punjabi told The Jakarta Post on Friday.
With Tencent joining the roster, the company expected it would be easier to expand globally. “MD Pictures will go global, and Hollywood will be one of the first steps and would be my starting point,” Punjabi said.
Read also: Tencent tumbles after China media calls online gaming "spiritual opium"
Prior to the transaction, PT MD Global Media held the largest stake in MD Pictures with 37.72 percent, followed by Punjabi with 23.48 percent, PT MD Graha Utama with 12.78 percent, PT MD Global Investment with 12.38 percent and the rest owned by the Indonesian public, according to an announcement made by the company on Oct. 11.
