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CITY OF MEXICO (Enlargement) – Cinepolis, the Mexican film exhibitor, announced on Friday that it would enter the Indonesian market by taking a stake in the Cinemaxx channel of this Southeast Asian country.
"Cinepolis will acquire a significant minority stake in Cinemaxx. The proceeds from this transaction will serve to drive growth and help Cinemaxx realize its vision of becoming the leading player in the film industry in Indonesia," said the Mexican channel. led by Alejandro Ramírez on the Mexican stock exchange.
The Mexican company present in 17 countries explained that it had partnered with Grupo Lippo and its subsidiary Cinemaxx, without revealing the amount of investments made to date.
Interview: Alejandro Ramírez unveils Cinépolis' plans
"Through this partnership with Grupo Lippo, we are excited to expand Cinepolis' global reach to Southeast Asia and bring our extensive experience, innovation and operational knowledge to develop the exhibition market in Indonesia, "said the CEO of the national company. Ramírez Magaña quoted in the report.
Cinemaxx was established in 2014 and currently operates in 31 cities of Indonesia with 45 sets and 226 screens. The bet of the Indonesian chain is to offer its customers new concepts of food, drinks, advertising, loyalty programs and promotions, according to the statement.
"Cinepolis gives Indonesia an unparalleled reputation in entertainment and will undoubtedly help bring the Indonesian film industry to the highest level," said Brian Riady, executive director of Cinemaxx Group and Lippo.
Last August Cinepolis obtained a license to operate cinemas in Saudi Arabia for five years .
Cinepolis, founded in 1971, operates 691 film sets with 5,609 screens and welcomes 338 million viewers a year in the 17 countries in which it operates.
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