Golden Screen Cinemas winds up in Cambodia

Golden Screen Cinemas winds up in Cambodia

Parent company PPB Group Bhd says shareholders decided not to proceed

Golden Screen Cinemas currently operates 474 screens in 50 locations in Malaysia.

KUALA LUMPUR – Golden Screen Cinemas (GSC) is winding up its operations in Cambodia after stakeholders approved the proposed dissolution and liquidation of the company today, its parent company said.

In a statement, PPB Group Bhd said the liquidation process of Golden Screen Cinemas (Cambodia) Co. Ltd (GSCCC) was pursuant to the relevant provisions of Cambodian law on commercial enterprises.

“The shareholders of GSCCC have decided not to proceed with the proposed business, and there are no further plans for the company,” the statement read.

“The liquidation is not expected to have a material financial or operational impact on PPB Group for the financial year ending December 31, 2022.”

The parent company said GSCCC is an indirect 60%-owned subsidiary of PPB held through GSC Cambodia Ltd.

According to PPB, GSCCC was incorporated in Cambodia on August 4, 2015, with a paid-up share capital of KHR4 billion (RM4.3 million) comprising one million shares of KHR4,000 each.

It said the intended principal business activity of GSCCC was cinema operations but it has not commenced business operations.

PPB also said Hassan (Cambodia) Development Co. Ltd is a major shareholder of GSCCC with a 40% equity interest in the latter company.

“The directors of PPB are of the opinion that the liquidation is in the best interest of PPB.”

In 2016, GSC’s then-chief executive Koh Mei Lee announced the company’s cinema venture in Cambodia which was to be opened by the first half of 2017.

According to The Edge earlier this year, GSC currently operates 474 screens in 50 locations in Malaysia.

Through PPB, GSC also operates 108 screens in 18 locations in Vietnam.

source – The Vibes

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