GSC will acquire most of MBO’s theaters!
According to a report by the financial media <The Edge>, GSC movie theater chain will acquire most of the MCO theaters. MBO is currently undergoing voluntary winding-up procedures for creditors, and GSC will acquire most of its cinema assets.
Since the implementation of the MCO in March last year, cinemas have been severely impacted. Although some theaters were allowed to operate during this period, this has also affected the operation and cash flow of the theaters.
GSC has signed an asset sale agreement on February 23 to acquire these assets from MCAT Box Office Sdn. Bhd. and Reel Entertainment Holdings Sdn. Bhd. The transaction will be completed by June. The two companies are currently in a state of voluntary liquidation by creditors.
Currently, MBO has 27 cinemas in 10 states, while GSC has 344 movie theaters in 34 locations across the country and 108 movie theaters in 18 locations of Vietnam. GSC cooperates with Galaxy Studio in Vietnam.
GCS is a cinema under the PBB Group.
