RAAM Shareholders Approve Changes to IPO Allocations
Jakarta. Shareholders of film production company PT Tripar Multivision Plus Tbk (RAAM), on Wednesday, granted approval for amendments to the proceeds from the company's initial public offering (IPO).
Firstly, Tripar Multivision Plus plans to allocate 81.06% of the proceeds to finance production and marketing activities, along with investments in other business sectors.
"Moving forward, the company's business will become more integrated and expand its ecosystem in the film industry," the company said in its official statement.
Secondly, RAAM will allocate around 18.40% of the IPO funds for the construction and operation of new Platinum Cineplex theaters through its subsidiary, PT Platinum Sinema. However, the company has changed the locations for cinema construction due to other cities being deemed more potential for business development.
The company does not explicitly mention the names of these cities but maintains its focus on regions in Java, Kalimantan, Sumatra, and Sulawesi.
Tripar went public on May 8, 2023. The company conducted an IPO by releasing 15% of its shares to the public at a price of Rp 234 per share. The total amount of RAAM's IPO shares is Rp 217.43 billion.
RAAM, a leading production house in Indonesia, is extending its reach beyond making renowned soap operas and films in Indonesia. The company has diversified its business by engaging in film distribution and managing Platinum Cineplex cinemas. RAAM has successfully distributed a diverse array of Indian films in Indonesia, Thailand, and Timor Leste, solidifying its position as the largest distributor with a market share exceeding 95%. Additionally, the company actively distributes Indonesian and Hollywood films to numerous countries across Asia, including Malaysia, Singapore, Vietnam, and Cambodia.
RAAM currently oversees the operation of 11 cinemas under Platinum Cineplex. Looking ahead, the company has ambitious plans for expansion, aiming to construct five new cinemas in various cities across Indonesia by the year 2024.
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