Business

GIC to pump $378m into Indonesian cinema operator

Singapore sovereign wealth fund GIC said yesterday it would invest about US$265 million (S$378m) in PT Nusantara Sejahtera Raya (NSR), which operates the Cinema 21, Cinema XXI and The Premiere brands in Indonesia.

"We are pleased to welcome GIC onboard as a strategic partner and look forward to working together to cater to the growing demand of the Indonesian market," NSR's chief executive officer Hans Gunadi said in a statement.

The partnership would allow NSR to expand, offering more cinemas in Indonesia.

"The investment by GIC reflects our confidence in Indonesia's long-term growth potential," said Mr Amit Kunal, head of direct investments group for South-east Asia, private equity and infrastructure, GIC.

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