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16 Dec 2009 07:00
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16Β December,Β 2009
Pinewood Shepperton plcΒ trading update and announcement ofΒ PinewoodΒ MalaysiaΒ StudiosΒ covering the Asian Region
Pinewood Shepperton plc (the "Company") announces that, further to its Interim Management Statement of 22 October 2009, trading for 2009 has remained in line with market expectations.
The CompanyΒ today announces that it has entered into aΒ strategicΒ agreementΒ with Khazanah NasionalΒ Berhad (the investment holding arm of the Government of Malaysia) in connection with theΒ developmentΒ of a new film and television studio facility in Iskandar, Southern Malaysia ("Studios").Β
Khazanah Nasional Berhad anticipates thatΒ construction of theΒ Studios will beginΒ towards the end of 2010, with completion expected by the end of 2012. The newly builtΒ Studios will be namedΒ "PinewoodΒ IskandarΒ Malaysia Studios".
The CompanyΒ willΒ receiveΒ consultancyΒ and brand licence fees forΒ sales and marketingΒ services.Β Β Fees due in 2010 will be largely offset by establishing the sales and marketing infrastructure which will benefit subsequent years.
Commenting on the announcement Ivan Dunleavy, Chief Executive said,
"I am pleased that we have reached an agreement withΒ Khazanah Nasional Berhad who willΒ developΒ world class film and television studioΒ facilitiesΒ to service the Asia Pacific markets.Β This represents important progress in the Company's strategy to build a meaningful new revenue stream, exploiting our expertise and brand internationally. Following our deal for Pinewood Toronto and now Pinewood Malaysia, we are exploring further opportunities in this new and growing market."
For further information, please contact:
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Pinewood Shepperton plcΒ |
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Ivan Dunleavy - Chief ExecutiveΒ |
01753 656 183 |
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Brunswick Group LLPΒ |
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James Olley / Oliver Hughes |
020 7404 5959 |
Notes to editors:
AboutΒ PinewoodΒ MalaysiaΒ Studios:
The agreement gives theΒ CompanyΒ a presenceΒ in the heartΒ of Asia, the only regionΒ withΒ an increase in entertainment and media spendingΒ forecastΒ in 2009Β (spending in Asia Pacific rose by 6.8 percent in 2008)*.Β Malaysia is multi-culturalΒ andΒ multi-lingual,Β central toΒ theΒ key Asian markets of India and China. In addition, Malaysia's excellentΒ digital connections,Β low cost baseΒ and proximity to Singapore mean that Pinewood Malaysia Studios will beΒ ideally placedΒ asΒ the creative hub of the region.Β
Pinewood Malaysia StudiosΒ will provide over 100,000Β sqΒ ftΒ of film stages (rangingΒ from 12,000 sq ft to 30,000 sq ft) and nearly 60,000 sq ft of TV studios (3 of them at 12,000 sq ft) plus a number of offices,Β workshops and post productionΒ facilities. TheΒ proposedΒ studios, adjacent to SingaporeΒ will beΒ nextΒ to theΒ proposed IskandarΒ Financial District on one side andΒ the recently announcedΒ LEGOLAND Theme ParkΒ on the other, within a 700 acre site.
*According to PricewaterhouseCoopers' [2008 global entertainment and media report]
About Khazanah NasionalΒ Berhad:
Khazanah is the investment holding arm of the Government of Malaysia entrusted to hold and manage the commercial assets of the Government and to undertake strategic investments. Khazanah was incorporated under the Companies Act 1965 on 3 September 1993 as a public limited company. Khazanah has stakes in more than 50 companies with assets valued in excess of USD25 billion. Khazanah is also the state agency responsible for strategic cross-border investments. These companies are involved in various sectors such as power, telecommunications, banking, automotive, airport management, infrastructure, property development, broadcasting, semiconductor, steel production, electronics, investment holding, research technology and venture capital.
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