Indonesia’s largest cinema chain Cinema XXI could be heading to the stock market through an IPO by early next year. Early details were reported by the Nikkei newspaper citing its finance industry p…
Early details were reported by the Nikkei newspaper citing its finance industry partner publication Dealstreet Asia. They said that the company may seek to raise $300 million of fresh capital.
The company holds a 60% market share of Indonesia’s cinema exhibition industry and, as of December 2022, operated 225 cinema venues with a total of 1,217 screens. Cinema XXI was established in 1987, at a time of government-sanctioned monopolies in many industry verticals. Cinema XXI previously had a controlling position in Indonesian film exhibition and, through various affiliate companies, also dominated the import of Hollywood movies.
A change of the law in 2016 removed restrictions on overseas investment in the cinema sector. Later that year, Singapore sovereign wealth fund GIC poured $265 million into PT Nusantara Sejahtera Raya , Cinema XXI’s parent company. But the Nikkei reports that GIC’s holding has now been trimmed to less than 0.1% of the company equity and that Cinema XXI’s major shareholder is Harkatjaya Bumipersada, which owns a 79.98% interest, followed by Adi Pratama Nusantara at 19.99%.
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