KUALA LUMPUR: Golden Screen Cinemas (GSC) (pic) is buying the majority of cinema assets from MCAT Box Office Sdn Bhd and Reel Entertainment Holdings Sdn Bhd, which are operators of the former MBO cinema circuit.
Both MCAT Box Office and Reel Entertainment are going through a creditors’ voluntary winding up.
In a statement, GSC said the acquisition is expected to be completed by end-June 2021.
No acquisition price was disclosed.
GSC, Malaysia’s largest cinema exhibitor, is a wholly owned subsidiary of PPB Group Bhd.
“We view the Covid-19 pandemic as a temporary setback and are confident that once the pandemic has passed, audiences deprived of out-of-home-entertainment will return to the cinemas with a vengeance, consistent with what we have seen happen in other regions, ” said GSC CEO Koh Mei Lee.
As an example, she said in China, the local movie Detective Chinatown 3 recorded US$424mil in box office collections over its holiday weekend, breaking the record by Avengers: Endgame of US$357mil set in North America in 2019 for the largest weekend opening in a single market.
Ticket sales for the first six days of the Lunar New Year holiday was 32% higher than the same period in 2019.