×
You will be redirected back to your article in seconds

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

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.

More Biz

  • CJ-CGV Cinemas

    Vietnamese Cinema Chain’s IPO Halted by CJ CGV

    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 […]

  • the rock under armour collection shop

    On Veterans Day, the Rock Teams Up With Under Armour to Give Back

    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 […]

  • APA Names Bruce Solar Partner, Co-Head

    APA Names Bruce Solar Partner, Co-Head of Worldwide Music

    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 […]

  • A firefighter battles the Woolsey Fire

    Miley Cyrus, Gerard Butler, Neil Young and More Lose Homes in Woolsey Fire

    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 […]

  • Tom Hardy Taboo FX

    Tom Hardy's 'Taboo' Bought for China by Alibaba, Youku

    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 […]

More From Our Brands

Access exclusive content