Star Media Group gets expression of interest for its Cityneon stake

Fans downloading a mobile application before taking part in the exhibition, which enables them to navigate and answer questions throughout the Marvel Avengers S.T.A.T.I.O.N. (Scientific Training and Tactical Intelligence Operative Network) at the Science Centre Singapore.

KUALA LUMPUR: Star Media Group Bhd has received an expression of interest to buy its 52.51% equity interest in Singapore-listed Cityneon Holdings Ltd.

In a filing with Bursa Malaysia, the company said its wholly-owned subsidiary, Laviani Pte Ltd, was today (Friday) notified by Bird & Bird ATMD LLP, a legal firm in Singapore, that its client was interested in purchasing Laviani’s 128.46 million shares in Cityneon. 

“Pursuant to the above, the board will deliberate the abovementioned and an appropriate announcement will be made in due course,” it said.

Earlier in the day, Cityneon had requested for immediate suspension of its share trading on the Singapore Exchange from 3.02pm.

Its shares were last traded at 95.5 Singapore cents, giving the company a market capitalisation at S$233.6mil (RM722.0mil). Based on this, Star's 52.51% stake is worth about S$122.7mil (RM378.8mil).

Cityneon, a full service ideas agency, has five business segments - events, exhibitions, experiential environment, interior architecture, and intellectual property rights (IPR).

The IPR segment was created through the acquisition of immersive attractions company Victory Hill Exhibitions Pte Ltd in 2015, which has the rights to hold the successful Marvel Avengers S.T.A.T.I.O.N interactive exhibition.

The IPR segment, with its 75.5% gross profit margin, fuelled a 43.0% growth in Cityneon’s gross profit to S$33.32mil (RM102.93mil) for the financial year ended Dec 31, 2016.