The Movie Mogul’s Gambit: Tripar Multivision Plots 1.36 Billion Share Rights Issue to Fund Cinema Blitz

JAKARTA, Investortrust.id — In the high-stakes theater of Indonesian entertainment, PT Tripar Multivision Plus Tbk (RAAM) is preparing for a significant second act. The company, a cornerstone of the nation’s film and television industry, announced on Friday, March 27, 2026, its plan to launch a preemptive rights issue of up to 1.36 billion shares.

The proposed offering, equivalent to a maximum of 20% of the company’s issued and fully paid capital, is contingent upon the approval of an Extraordinary General Meeting of Shareholders (RUPSLB) scheduled for May 5, 2026. According to official filings with the Indonesia Stock Exchange (BEI), the pricing and execution will be anchored to the company’s audited financial statements for the year ending December 31, 2025.

RAAM’s aggressive capital hunt underscores a broader shift in the Indonesian economy, where middle-class consumption of domestic media is outpacing traditional commodities. As the country’s creative economy matures, established production houses are pivoting from being mere content creators to integrated infrastructure players. This rights issue is a bet that owning the "last mile" of entertainment—the physical cinema seat—is the most reliable way to hedge against the volatility of the streaming wars and capture the premium experience demand in Indonesia's rapidly developing secondary cities.

Building a Cinematic Empire

A cornerstone of the fundraising strategy is the expansion of RAAM’s theatrical footprint. The management disclosed that a substantial portion of the proceeds will be funneled into its 99.99%-owned subsidiary, PT Platinum Sinema. The goal is ambitious: to build and operate 50 new theaters across various Indonesian cities.

This move targets "Tier 2" and "Tier 3" cities, where the appetite for big-screen entertainment is surging but remains underserved by the luxury-focused chains typically found in Jakarta’s upscale malls. By expanding the Platinum Sinema brand, RAAM is positioning itself to dominate the regional box office while simultaneously providing a guaranteed distribution network for its own production pipeline.

Content and Capital Structure

Beyond the bricks and mortar of cinema construction, the capital infusion is designed to provide the liquidity necessary to fuel a robust content slate. Management intends to use the funds for working capital, specifically covering the production and marketing costs of films, web series, and sinetron (Indonesian soap operas).

"The corporate action aims to strengthen the capital structure of the company and its subsidiaries, providing additional funding to support future business performance," the management stated in their official announcement on Friday.

The Dilution Trade-Off

For the company’s current investors, the expansion comes with a caveat. Shareholders who do not exercise their rights to purchase the new shares will see their stake in the media house diluted by as much as 16.67%.

However, the company’s leadership, including the controlling owner and President Commissioner Raam Punjabi—frequently seen as the "Father of Indonesian Television"—appears confident that the long-term gains from increased theater revenue and enhanced production capacity will outweigh the immediate structural shift. With the creative sector becoming a primary engine for Indonesian growth, RAAM is ensuring it has the financial firepower to remain the protagonist of the story.