Hary Tanoesoedibjo Empire at Central Jakarta Photo by MNC Land

JAKARTA (TheInsiderStories) – PT MNC Studios International, a unit of MNC Group owned by tycoon and politician Hary Tanoesoedibjo aimed to raise Rp936 billion (US$66.85 million) in initial pubic offering (IPO) in June. The company plans to sell around 29.98 percent of its stake, or 1.56 billion new shares, at a price range of Rp500-650 per share.

MNC Studios will use around 25 per cent of the IPO proceeds for the development of Movie Land over a 20-hectares plot of land in Lido, Bogor with an investment of Rp275 billion ($19.5 million). Some of the IPO proceeds will also go for debt repayment.

Three securities firms MNC Securities, CGS CIMB and Mandiri Sekuritas will act as underwriters for the IPO.

Last year, the company booked 59 per cent growth to Rp1.1 trillion from Rp698 billion in 2016. Meanwhile, the company’s net profit amounted to Rp122 billion, up 126 per cent from Rp54 billion in 2016. Last year, the company’s EBITDA reached Rp168 billion with an EBITDA margin of 15.1 per cent.

Hary Tanoesoedibjo with the 45th U.S President Donald Ttrump.
(Photo: MNC)

Tanoe, who is also a business partner of U.S President Donald Trump’s empire has said will diversify conglomerate MNC Group plans to invest Rp30 trillion in the next five years to fund expansion in various sectors, including property, financial services and media.

Tanoe, who attended Trump’s inauguration as United States president in Washington, DC, last month as an invited guest, said the expansion would be funded by a mix of internal and external sources.

Partnering with Trump Hotel Collection, a subsidiary of the Trump Organization, the MNC Group is currently working to develop a theme park in Lido, Sukabumi, West Java. The theme park, which will be integrated with a resort, hotel and golf course, is expected to start operation in 2019.

The two companies also plan to upgrade the Pan Pacific Nirwana Bali Resort, which the MNC Group acquired in 2013. Trump Hotel Collection will manage the property, which will be introduced as Trump International Hotel & Tower Bali.

The group currently has two production houses, namely MNC Pictures and Dubai-based MNC International Middle East Limited. If combined, the total assets of both companies reach Rp 1.21 trillion.

US$1: Rp14,000

Email: elisa.valenta@theinsiderstories.com