KUALA LUMPUR: Khazanah Nasional Bhd’s wholly-owned special purpose vehicle, Granatum Ventures Sdn Bhd, has entered into a definitive share sale agreement to divest its 100% in Iskandar Malaysia Studios Sdn Bhd (IMS) to Studio Management Services Sdn Bhd (SMS) to attract foreign investment and bringing economic and social benefits to Malaysia.
In a statement, it said SMS is a consortium led by IMS’s current Malaysian management team in partnership with Singapore’s GHY Culture & Media Holding Co Ltd and its subsidiary, GHY Culture & Media (M) Sdn Bhd.
Khazanah said the sale would be for a 100% stake in the operating company, IMS, which is leasing the land where the studio premises are located from Tanjung Bidara Ventures Sdn Bhd, a wholly-owned special purpose vehicle of Khazanah.
It also said SMS is expected to further enhance the services provided by Iskandar Malaysia Studios to the industry, as well as facilitate future partnerships and production opportunities for Malaysia.
“The collaboration and crowd-in of Malaysian entrepreneurs and capable regional partners would catalyse further growth and development of the ecosystem in IMS,” it said.
Khazanah said the partnership would contribute to higher utilisation of the studio by regional and global players, which could be supported by the local production ecosystem along with the better capacity to attract large productions and the sharing of a large content production pipeline. — Bernama
