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GIC to invest US$265m in Indonesian cinema operator
SINGAPORE sovereign wealth fund GIC said on Monday it would invest about US$265 million in PT Nusantara Sejahtera Raya (NSR), which operates the Cinema 21, Cinema XXI and The Premiere brands in Indonesia.
"We are pleased to welcome GIC onboard as a strategic partner and look forward to working together to cater to the growing demand of the Indonesian market," said Hans Gunadi, NSR's chief executive officer, in a media statement. The partnership would allow NSR to expand nationally to offer more cinemas in Indonesia, which is expected to grow its middle class.
"The investment by GIC reflects our confidence in Indonesia's long-term growth potential. NSR's operational expertise and portfolio of high quality cinemas positions it well to benefit from the rapidly expanding consumer class and economic development in Indonesia," said Amit Kunal, head of direct investments group for South East Asia, private equity and infrastructure, GIC.
"We look forward to working with the team at NSR to accelerate its presence nationally and to achieve the vision of providing best-in-class cinematic experience to the country."