2 Mar – Having just received the Platinum Award at the prestigious Putra Brand Awards for the second consecutive year just last month, the Golden Screen Cinemas Sdn Bhd (GSC) – under PPB Group Bhd - is now inking an asset sale agreement to acquire a majority of cinema assets from MCAT Box Office Sdn Bhd and Reel Entertainment Holdings Sdn Bhd.
The latter are the operators of the MBO Cinemas, which was the country's third largest exhibitor and has been forced into voluntary liquidation - having been deeply impacted by the cinemas closure throughout the country due to the ongoing COVID-19 pandemic.
The acquisition is expected to be finalised by mid of this year.
This will further solidify GSC's position as the leading and largest cinema exhibitor in Malaysia, with TGV Cinemas Sdn Bhd in the second place.
GSC chief executive officer Koh Mei Lee stated that the acquisition is strategic to accelerate GSC's brand growth and strengthen its market leadership position.
"It has been an incredibly challenging time for the entertainment industry, especially for cinemas, which have been hit hard due to the mandated closures for prolonged periods during this pandemic. We are counting on the cinema to continue to uplift, inspire, and entertain communities from all walks of life," added Koh.
"The acquisition of MBO cinema assets will further enhance GSC's diverse, innovative, and cutting-edge offerings; and audiences can look forward to a more wholesome, personalised, and delightful time at the movies with us."