Jakarta. Indonesia's second-biggest cinema operator, Graha Layar Prima, plans to invest more than $200 million to nearly quadruple its movie theaters to 100 over the next three years, an executive said on Wednesday (11/01).
The company, which runs the CGV Blitz cinema chain in Indonesia and is backed by South Korea's CJ CGV, currently has 27 theaters and is making a big push in the country of 250 million people, said Graha's corporate secretary Mutia Resty.
Its expansion plan comes after Indonesia liberalised dozens of industries, including the movie market, last year. Previously, the so-called "negative investment list" shut most of the industry to foreigners.
In December, Singapore sovereign wealth fund GIC said it would invest Rp 3.5 trillion ($261 million) in Graha's rival, Nusantara Sejahtera Raya, which operates Indonesia's biggest cinema chain Cinema 21.