Khazanah confirmed it will divest its 100% stake in Iskandar Malaysia Studios to Studio Management Services.
The sovereign wealth fund said it remains committed in retaining the positive economic spillover benefits on the social economy while aligning its strategic imperatives of Advancing Malaysia, ensuring value creation, capacity building and societal impact for the country.
SMS is a consortium led by IMS’s current Malaysian management team in partnership with Singapore listed GHY Culture & Media Holding Co Ltd and its local subsidiary, GHY Culture & Media Sdn Bhd. “SMS is expected to further enhance the services provided by Iskandar Malaysia Studios to the industry, as well as facilitate future partnerships and production opportunities for Malaysia,” Khazanah said in a statement yesterday.
It added that Iskandar Malaysia Studios in Johor Baru will continue to lease the land the studios are located on from Tanjung Bidara Ventures Sdn Bhd, another wholly-owned SPV of Khazanah. No values were disclosed but a GHY filing with the Singapore Exchange last week stated the aggregate consideration payable by GHY Malaysia for the 80% it’s buying was RM8.84mil while IMS’ net asset value at the end of 2022 was RM32mil.
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