You are here
Cityneon to buy 3rd IP by end of Q3; expects change of control to go through
CITYNEON Holdings expects to acquire its third intellectual property by the end of the third quarter, and that the exit of its major shareholder will go through as planned, group chief executive Ron Tan said on Tuesday at the sidelines of an investors day organised by Singapore Exchange and DBS Bank.
Cityneon, which makes interactive exhibits tied to blockbuster entertainment brands, currently owns the rights to produce exhibits based on the Avengers and Transformers brands.
Mr Tan's comments were the most specific so far about the timing of an intellectual property acquisition. Mr Tan had previously said that he was looking for billion-dollar box office movie franchises with sequels to anchor its third line of exhibits.
The company is also currently in the midst of a change of control, with Mr Tan teaming up with two financial investors to buy out Star Media Group's 52.5 per cent stake in Cityneon at 90 Singapore cents per share.
Star Media is conducting a shareholder meeting on July 7 to approve the deal, and Mr Tan said that he expects the sale to receive the green light with its largest shareholder, the Malaysian Chinese Association, supporting the deal.
Once that transaction is completed, Mr Tan's consortium will make a general offer for the rest of Cityneon shares that it does not own.
In announcing the deal with Star Media, the acquirers said that Mr Tan is seeking to more effectively influence the strategy, expansion and future direction of the company.
Cityneon was a specialist provider of neon lighting until 2015, when it acquired Mr Tan's Victory Hill Exhibitions. Victory Hill's interactive exhibitions business has since become the company's key growth driver.
Cityneon shares traded at 96 Singapore cents as at 2.12 pm on Tuesday.