RM300m for cinema upgrade in Malaysia, Vietnam and Cambodia
KUALA LUMPUR: PPB Group Bhd will spend another RM300 million for cinema expansion and upgrading in Malaysia, Vietnam and Cambodia this year.
Its cinema arm, Golden Screen Cinemas Sdn Bhd (GSC), contributes about 20 per cent of the group’s total earnings.
PPB has denied reports of a stake sale in its film exhibition and distribution segment.
“No, we are not selling our stake in GSC,” said GSC chief executive officer Koh Mei Lee.
“We are continually expanding our cinema business. Last year, we opened three new cinemas and next year, we will open two new cinemas. Nine more will be opened in the next two to three years.
“This year, we are renovating our flagship cinemas in 1 Utama Shopping Centre, Gardens Mall and IOI Puchong Mall.
“We also hope to open nine screens in our new cinema in Phnom Penh with an about US$4 million (RM16 million) allocation.”
GSC has a more than 40 per cent market share in Malaysia.
Its distribution arm, GSC Movies Sdn Bhd, is the largest independent distributor of Chinese, English and Malay language films in Malaysia.
PBB Group owns a 40 per cent stake in Galaxy Studio Joint Stock Company, which operates the Galaxy brand of cinemas in Vietnam. It is looking to open five cinemas with a total of 26 screens to tap the growing market there.