KUALA LUMPUR (March 2): Golden Screen Cinemas (GSC), which is owned by PPB Group Bhd, said today it is acquiring the majority of cinema assets from the operators of the MBO chain of cinemas, which is currently undergoing a creditors’ voluntary winding-up.
In a statement today, GSC said it signed an asset sale agreement on Feb 23 to acquire the said assets from MCAT Box Office Sdn Bhd and Reel Entertainment Holdings Sdn Bhd, which are both in creditors’ voluntary winding-up.
The deal is expected to be completed by June, it added. However, the statement did not elaborate on the size and value of the acquisition. MBO, according to its official website, has a total of 27 cineplexes across 10 states.