Malaysian tycoonÂ Robert Kuok, is reportedly looking for a buyer for its cinema business under Golden Screen Cinemas Sdn Bhd, in a deal worth aboutÂ US$500 million.Â Golden Screen Cinemas is Malaysiaâ€™s largest movie theater chain withÂ 345 digital screens in Malaysia and Vietnam.
PPB Group Bhd, which is a Kuala Lumpur-listed company controlled by Kuok, has already received first-round bids for the cinema business, according to a Bloomberg report.
Kuok controls the conglomerate through his holding company Kuok Brothers Sdn Bhd, which owns 50.8% of PPB Group. The groupÂ controls the countryâ€™s biggest flour miller and distributes Johnson & Johnson personal-care products, among others.
The news breaks at a time when film exhibitors in Asia are trying to expand outside their home markets. Based on data compiled by Bloomberg, companies in the region have announced US$16.1 billion of entertainment acquisitions in the past year.
South Koreaâ€™s CJ Group also recently agreed to buy control of Turkish cinema operator Mars Entertainment Group earlier this year. Meanwhile, Chinese billionaire Wang Jianlin, who bought American chain AMC Entertainment Holdings in 2012, added to the purchase this year with deals for Carmike Cinemas and the UKâ€™s Odeon & UCI Cinemas Group.