Indonesia's Graha to invest over $200 mln to quadruple movie theatres - exec

CJ CGV

11/01/2017 05:58

JAKARTA, Jan 11 (Reuters) - Indonesia's second-biggest 
cinema operator, PT Graha Layar Prima Tbk  BLTZ.JK , plans to 
invest more than $200 million to nearly quadruple its movie 
theatres to 100 over the next three years, an executive said on 
Wednesday. 
    The company, which runs the CGV Blitz cinema chain in 
Indonesia and is backed by South Korea's CJ CGV Co Ltd 
 079160.KS , currently has 27 theatres and is making a big push 
in the country of 250 million people, said Graha's corporate 
secretary Mutia Resty. 
    Its expansion plan comes after Indonesia liberalised dozens 
of industries, including the movie market, last year. 
Previously, the so-called "negative investment list" shut most 
of the industry to foreigners. 
    In December, Singapore sovereign wealth fund GIC said it 
would invest 3.5 trillion rupiah ($260.7 million) in Graha's 
rival, PT Nusantara Sejahtera Raya, which operates Indonesia's 
biggest cinema chain Cinema 21.  urn:newsml:reuters.com:*:nL4N1E0358 
 
 (Reporting by Cindy Silviana; Editing by Biju Dwarakanath) 
 ((eveline.danubrata@thomsonreuters.com; +62-21-29927603; 
Reuters Messaging: 
eveline.danubrata.thomsonreuters.com@reuters.net)) 
 
Keywords: INDONESIA GRAHA LAYAR/MOVIE