JAKARTA (Reuters) - Indonesia’s second-biggest cinema operator, PT Graha Layar Prima Tbk, plans to invest more than $200 million to nearly quadruple its movie theatres to 100 over the next three years, an executive said on Wednesday.
The company, which runs the CGV Blitz cinema chain in Indonesia and is backed by South Korea’s CJ CGV Co Ltd, currently has 27 theatres and is making a big push in the country of 250 million people, said Graha’s corporate secretary Mutia Resty.
Its expansion plan comes after Indonesia liberalised dozens of industries, including the movie market, last year. Previously, the so-called “negative investment list” shut most of the industry to foreigners.
In December, Singapore sovereign wealth fund GIC said it would invest 3.5 trillion rupiah ($260.7 million) in Graha’s rival, PT Nusantara Sejahtera Raya, which operates Indonesia’s biggest cinema chain Cinema 21.
Reporting by Cindy Silviana; Editing by Biju Dwarakanath