Singapore's GIC to invest over $260 mln in Indonesia's Cinema 21 operator

CJ CGV

05/12/2016 09:46

JAKARTA, Dec 5 (Reuters) - Singapore sovereign wealth fund 
GIC is investing 3.5 trillion rupiah ($260.7 million) in a 
company that operates Indonesia's biggest cinema chain, marking 
the latest foreign investment in the country's burgeoning movie 
industry.  
    GIC's partnership with PT Nusantara Sejahtera Raya (NSR), 
which runs Cinema 21, Cinema XXI and The Premiere brands in 
Indonesia, will expand "NSR's cinema footprint nationally", 
according to a joint statement on Monday.  urn:newsml:reuters.com:*:nS7N1A1009 
    "The investment by GIC reflects our confidence in 
Indonesia's long-term growth potential," GIC said, adding that 
NSR stands to benefit from "the rapidly expanding consumer class 
and economic development in Indonesia."  
    The movie market, one of dozens of industries that Indonesia 
liberalised in February, is increasingly whetting the appetite 
of overseas companies. Previously, the so-called "negative 
investment list" shut most of the industry to foreigners.  http://reut.rs/2g1KdMY 
    In August, South Korea's CJ CGV Co Ltd  079160.KS  spent 
$25.4 million to raise its stake in Indonesia's second-biggest 
cinema chain, CGV Blitz, to nearly 23 percent from 14.75 
percent.  urn:newsml:reuters.com:*:nJ9N18Z011  
     
($1 = 13,425.00 rupiah) 
 
 (Reporting by Eveline Danubrata in Jakarta; Additional 
reporting by Aradhana Aravindan in Singapore; Editing by Sherry 
Jacob-Phillips) 
 ((eveline.danubrata@thomsonreuters.com; +62-21-29927603; 
Reuters Messaging: 
eveline.danubrata.thomsonreuters.com@reuters.net)) 
 
Keywords: GIC PTE INDONESIA/FILM