16th Dec 2009 07:00
16 December, 2009
Pinewood Shepperton plc trading update and announcement of Pinewood Malaysia Studios 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 Company today announces that it has entered into a strategic agreement with Khazanah Nasional Berhad (the investment holding arm of the Government of Malaysia) in connection with the development of a new film and television studio facility in Iskandar, Southern Malaysia ("Studios").
Khazanah Nasional Berhad anticipates that construction of the Studios will begin towards the end of 2010, with completion expected by the end of 2012. The newly built Studios will be named "Pinewood Iskandar Malaysia Studios".
The Company will receive consultancy and brand licence fees for sales and marketing services. 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 with Khazanah Nasional Berhad who will develop world class film and television studio facilities to service the Asia Pacific markets. 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 plc |
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Ivan Dunleavy - Chief Executive |
01753 656 183 |
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Brunswick Group LLP |
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James Olley / Oliver Hughes |
020 7404 5959 |
Notes to editors:
About Pinewood Malaysia Studios:
The agreement gives the Company a presence in the heart of Asia, the only region with an increase in entertainment and media spending forecast in 2009 (spending in Asia Pacific rose by 6.8 percent in 2008)*. Malaysia is multi-cultural and multi-lingual, central to the key Asian markets of India and China. In addition, Malaysia's excellent digital connections, low cost base and proximity to Singapore mean that Pinewood Malaysia Studios will be ideally placed as the creative hub of the region.
Pinewood Malaysia Studios will provide over 100,000 sq ft of film stages (ranging 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, workshops and post production facilities. The proposed studios, adjacent to Singapore will be next to the proposed Iskandar Financial District on one side and the recently announced LEGOLAND Theme Park on the other, within a 700 acre site.
*According to PricewaterhouseCoopers' [2008 global entertainment and media report]
About Khazanah Nasional 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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