KUALA LUMPUR – Sovereign wealth fund Khazanah Nasional Bhd is defending its divestment of shares in Johor-based Iskandar Malaysia Studios Sdn Bhd (IMS) to a Singaporean firm, saying this “would contribute to higher utilisation of the studio by regional and global players”.
In a statement today, Khazanah said its wholly-owned special purpose vehicle, Granatum Ventures Sdn Bhd, has entered into a definitive share sale agreement to divest its shares in IMS to Studio Management Services Sdn Bhd (SMS).
SMS is a consortium led by IMS’ current Malaysian management team in partnership with G.H.Y Culture & Media Holding Co Ltd and its subsidiary, G.H.Y Culture & Media (Malaysia) Sdn Bhd (GHY Group).
“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.”
Khazanah also expects that it will have better capacity to attract large productions, contributing to more utilisation of the studio, which can be supported by the local production ecosystem.
“The sale will be for a 100% stake in the operating company, IMS, which is leasing the land where the studio premises are located from Tg Bidara Ventures Sdn Bhd, a wholly-owned special purpose vehicle of Khazanah.
“The completion of the transaction is currently pending fulfilment of the conditions precedent.”
Khazanah added that GHY Group, which is listed on the Singapore Exchange’s mainboard, is a “leading diversified group” that is focused on the “production and distribution of dramas, films, and concerts in the Asia Pacific region”.
IMS was formerly called Pinewood Iskandar Malaysia Studios after the Pinewood Group entered into a partnership with the studio complex.
Earlier, it was reported that IMS was sold for RM32 million while the total investment injected into the project was believed to be RM748 million. – The Vibes, April 9, 2023
