MD Pictures sells 14.62% stake to China's Tencent

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.

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