SG-based GHY Culture buys majority stake in Iskandar Malaysia Studios

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Singaporean entertainment and content company GHY Culture and Media will be acquiring 80% of Iskandar Malaysia Studios (IMS), a Malaysian film and TV production company. IMS has in the past worked on original Netflix series, Marco Polo as well as Hollywood film Crazy Rich Asians. It first opened in 2014.

Meanwhile, GHY produces and promotes dramas, films and concerts in the APAC region. Its portfolio includes the organising of Jay Chou’s recent concerts in Singapore and Kuala Lampur, as well as TV series such as Legends of Nanyang.

GHY made the announcement in a filing on Singapore Exchange on 31 March 2023. The filing stated that that the aggregate consideration payable by GHY Malaysia was RM8.8 million. The filing also said that IMS’ net asset value at the end of 2022 was RM32 million (US$7.23 million).

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In the filing, GHY stated that the proposed acquisition is in line with the group’s strategy to expand its international reach as well as strengthen the regional presence of its TV program and film production business because it can now fully set up shop in Malaysia.

The filing further said that with the proposed acquisition, which is complementary to the GHY’s core business of TV program and film production, there is an ability to “develop a stronger regional team for the production of dramas and films” while achieving “greater efficiencies” in TV and film production.

GHY produces and promotes dramas, films and concerts in the APAC region. Its portfolio includes the organising of Jay Chou’s recent concerts in Singapore and Kuala Lampur, as well as TV series such as Legends of Nanyang.

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