Flooring Guide by Cinvex – , JAKARTA – PT Tripar Multivision Plus Tbk. (RAAM), a prominent film production company, is set to undertake a corporate action to increase capital through a Rights Issue (Penambahan Modal dengan Memberikan Hak Memesan Efek Terlebih Dahulu – PMHMETD). The company plans to issue a maximum of 1.36 billion new shares in this strategic move.
According to information disclosed by the company, this corporate initiative involves the issuance of new shares representing up to 20% of the company’s placed and fully paid-up capital. The estimated number of shares to be issued is precisely 1,362,724,000, signaling a significant capital injection for the Indonesian film producer.
A look at the current shareholder register reveals that RAAM remains largely controlled by veteran Indonesian film producer Raam Jethmal Punjabi, who holds a substantial 67.50% ownership, equating to 4.59 billion RAAM shares. Other notable shareholders include PT MNC Digital Entertainment with 9.09% of RAAM shares, PT Tripar Multi Image with 0.68%, and the public holding 22.73%, or 1.54 billion shares.
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The total number of placed and fully paid-up shares, forming the company’s capital, stands at 6.81 billion, with a nominal value of IDR 60 per share. Shareholders who opt not to exercise their pre-emptive rights during this offering will face a potential dilution of their ownership, estimated to be up to 16.67%, as stated by management in an information disclosure on Saturday, March 28, 2026.
RAAM intends to allocate the entire net proceeds from this corporate action to two key budget areas. Firstly, a significant portion will be channeled into working capital, encompassing financing for production activities, marketing efforts for its productions, and investments in other business ventures deemed supportive of RAAM’s ongoing business development.
Secondly, the company plans a substantial capital injection into its subsidiary, PT Platinum Sinema. This strategic investment aims to facilitate the construction and operation of 50 new cinema theaters across various cities in Indonesia, significantly expanding its entertainment footprint.
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In line with these ambitious plans, RAAM is scheduled to convene an Extraordinary General Meeting of Shareholders (EGM) on Tuesday, May 5, 2026, to seek shareholder approval for the rights issue. Following this approval, the rights issue is projected to be executed within a maximum period of 12 months. While the company has confirmed its intentions, details regarding the issue price of the new shares are yet to be disclosed.
RAAM emphasized that this corporate action is vital for bolstering the capital structure of both the company and its subsidiaries, thereby ensuring additional funding to support the company’s performance and future growth. The company plans to conduct the PMHMETD using its audited Financial Statements as of December 31, 2025, or another date, in adherence to Article 8 Paragraph (3) of POJK No. 32/2015.
RAAM’s Financial Performance
Analyzing RAAM’s financial statements for the period ending September 2025, the company recorded revenue of IDR 145.42 billion. This figure represents a 12.82% year-on-year (YoY) decrease compared to IDR 166.81 billion reported in the same period in 2024, indicating a challenging revenue environment.
Among RAAM’s various revenue segments, the film segment remained the largest contributor, generating IDR 66.23 billion by the third quarter of 2025. Despite a 20.17% YoY contraction from IDR 82.97 billion in Q3 2024, this segment alone accounted for a significant 45.54% of total revenue. In contrast, ticket sales and pay TV segments demonstrated positive growth, increasing by 23.17% and 16.25% YoY, respectively. The food and beverage segment delivered the strongest performance, surging by 56.76% YoY to reach IDR 16.71 billion by Q3 2025, while the soap opera segment registered no revenue during this period.
Despite varied segmental performances, RAAM faced an escalation in its cost of goods sold, which swelled to IDR 126.00 billion by Q3 2025, up from IDR 95.42 billion in the corresponding period of 2024. Consequently, the enlarged cost of revenue severely impacted profitability, leading to a gross profit of only IDR 19.42 billion for January–September 2025. This represents a steep 72.79% YoY decline from the IDR 71.39 billion recorded in the same period in 2024.
Furthermore, the modest gross profit was further eroded by an increase in general and administrative expenses, which reached IDR 81.87 billion during the nine-month period of 2025, compared to IDR 72.19 billion in 2024. Nevertheless, after accounting for various expenses and taxes, RAAM successfully narrowed its net loss to IDR 20.29 billion for January–September 2025. This marks a substantial improvement from the net loss of IDR 112.58 billion reported in the same period of 2024, indicating effective cost management or reduced operational inefficiencies.
From a balance sheet perspective, RAAM reported total assets of IDR 1.65 trillion as of September 2025. This figure saw a decrease from IDR 1.71 trillion in December 2024, primarily due to reductions in both current and non-current assets. Concurrently, RAAM’s liabilities also decreased to IDR 343.15 billion by September 2025, down from IDR 385.05 billion in December 2024. Total equity stood at IDR 1.31 trillion, a slight dip from IDR 1.33 trillion recorded in December 2024.
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