Indonesia’s Lippo to Invest $500 million in Cinemaxx Multiplex Circuit

Multiplex cinema

SEOUL — Indonesia’s Lippo trading and industrial group said that it will spend some $517 million (Rp6 trillion) developing and building its new circuit of Cinemaxx cinemas in the huge country.

In a press statement on Thursday Lippo said that the cash would be spent over 10 years to create a 2,000 screen network of theatres spanning 300 locations and 85 cities.

That is an increase from its previously stated ambition of opening 1,000 screens over the next 5 years.

“Cinemaxx plans to develop its network in areas that have yet to be covered by the business,” said Cinemaxx CEO Brian Riady in a statement.

Currently the cinema exhibition business in Indonesia is largely controlled by a single group which operates 600 of the country’s 800 screens. Development of the sector has been hampered by laws which prevent foreign investment in production and exhibition. A second, locally-controlled chain has emerged with backing from Korea’s CJ-CGV, but it has not had the transformational effect that the Lippo move potentially offers.

Lippo is one of Indonesia’s largest conglomerates with interests ranging from property and financial services through to media and communications. The Cinemaxx investment report was first covered in the Lippo-owned Jakarta Globe.

The first Cinemaxx complex is set to open in Palembang, South Sumatra, in September this year. It will include15 cinema screens, making it the largest in the country.

Lippo has also announced others in Manado (North Sulawesi), Medan (North Sumatra), Ponorogo (East Java) and Jakarta through the rest of this year.
The complexes will be located in shopping centers, with each multiplex having an average of seven screens.

The company has ordered 100, Dolby Atmos sound systems to be installed within the next three years. Of these 30 are scheduled before May 2015.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 2

Leave a Reply

2 Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

  1. atha says:

    I want join to cinemaxx lippo group. .

  2. daddy vijay says:

    I hope Cinemaxx (lippo group) open at sampit city (central borneo) ;-)

More Film News from Variety

Loading