24 Sep – BIG Cinemas in Malaysia has been sold to Navis Capital Partners, making the private equity fund own 2 cinema circuits in the country with the other being MBO Cinemas.
The sale of BIG Cinemas which has 9 cineplexes strewn across the country, is part of Reliance MediaWorks' efforts in putting more focus towards its business interests in India and other BIG Cinemas establishments located in India, US, Nepal and Netherlands.
Parties involved are yet to disclose if the BIG Cinemas in Malaysia would remain with its current name or would be revamped with a new branding.
However, industry key-players have hinted that the latter is highly likely as Reliance still operates cinemas overseas under the BIG Cinemas brand.
Due to the difference in shareholding, where BIG Cinemas is owned completely by Navis while MBO Cinemas is co-owned with its original owner; Tan Sri Rashid Manaf, Navis may run both acquired chains under different branding and operations, as well as the option of putting both under one common branding, either with MBO or a totally new brand altogether.