Patrick Frater Asia Bureau Chief The high-profile film and TV production facilities Iskandar Malaysia Studios have been sold to Singapore’s GHY Culture & Media.
GHY has paid RM8.8 million ($1.98 million) for an 80% stake in Studio Management Services, investment company, to RK Media Ventures Sdn Bhd and CL Media Holdings.
According to a regulatory filing GHY and SMS must pay a further RM26.5 million ($5.99 million) within five days to state-owned Granatum Ventures to buy 100% of Iskandar Malaysia Studios.
That gives a total purchase price of RM35.3 million ($8 million) for a controlling 80% stake. The remaining minority can be bought out in five years.
Read more on variety.com