9 Mar – Malaysia's second biggest movie exhibitor, TGV Cinemas may be up for sale following reports that tycoon Ananda Krishnan is disposing his subsidiary power assets from Tanjong PLC to avoid the economic volatile expected to occur during the national elections this year.
Spreading 16 outlets across the nation, TGV has 124 cinema halls compared to its competitor Golden Screen Cinemas, which currently helms as the country's biggest cinema chain with 23 outlets in Malaysia.
The 'secretive' deal which is currently rife in business dailies awaiting the next course of developments, are still shrouded in mystery as presently the management from TGV has declined to comment on their involvement of the sale.
If a deal is struck, it remains to be seen whether TGV will see foreign ownership again, for previously both GSC and TGV were under joint ownership by Golden Harvest Cinemas Holding Ltd and local tycoon Robert Kuok, for which the latter currently owns GSC.
The local cinema market's two other smaller players such Lotus Five Star Cinemas and Cathay Malaysia, boasts significant foreign ownership.
Lotus Five Star Cinemas is a joint venture between BIG Cinemas, a member of the India conglomerate Reliance Group and the Lotus Group, while Cathay Malaysia falls under Cathay Singapore.
With Tanjong PLC's subsidiary, Tanjong Energy Holdings Sdn Bhd just recently sold to 1Malaysia Development Bhd for RM8.5 billion; this leaves TGV Cinemas along with the Tropical Islands resorts in Germany and Menara Maxis to be next in line.