By M&C Feb 22, 2006, 1:02 GMT
MegaStar Media JV Vietnam – the JV company formed last year between Envoy Media Partners Limited and Vietnam’s Phuong Nam Corporation (PNC) to develop multiplex cinemas in Vietnam – has announced mobilization of additional funds as part of a facility sourced, structured and arranged by Prudential Fund Management Company through the Australia and New Zealand Banking Group Limited (ANZ).
To date MegaStar’s shareholders, PNC and Envoy Media, have invested over US $5 million in the start up cinema-company. The partnership has now added this facility for implementation of their plan for growth. The ANZ agreement provides up to US $25 million in staged lending. Additionally, later this year, the partners expect to further increase their level of investment in the venture.
MegaStar Media’s first Cineplex, an eight-screen complex of over 1100 seats, will open in April 2006 in Vincom City Towers in central Hanoi. Additionally, the company has secured five additional sites and is looking at other locations in Vietnam in which it plans to open as many as 10 multiplex cinemas and entertainment centers with as many as 100 screens.
In announcing conclusion of this financing agreement, Envoy Media CEO and Chairman of MegaStar Media, J. Edward Shugrue said, “This funding facility enables us to accelerate our plans to expand our business in Vietnam substantially. Further, it confirms the commitment of our shareholders, PNC and Envoy Media, and all our business partners, including Prudential and the ANZ Bank, to join with us in our plans to bring state-of-the-art, multi-screen cinema experience to all Vietnam. We are looking forward to the opening of our first exhibition center in Vincom City Towers in a matter of weeks. We now have every confidence that it will be followed by additional modern, state-of-the-art cinema centers in the very near future.”
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