GIC Singapore has announced that it has entered into a strategic partnership with PT Nusantara Sejahtera Raya (NSR), which operates the Cinema 21, Cinema XXI and The Premiere brands in Indonesia, to further anchor the leadership position of NSR and to set up the company for the next stage of growth.
GIC, a Singapore’s sovereign wealth fund, would be investing IDR 3.5 trillion (S$376.3 million).
In a press statement, GIC said that the partnership would expand NSR’s cinema footprint nationally to provide world-class entertainment for Indonesians across the country.
NSR Founder, Mr Benny Suherman, said, “We are excited to partner with GIC, which has a strong experience of successfully supporting businesses in Indonesia. GIC’s investment is a recognition of the work we have done to build our company and a validation of the tremendous opportunities we see ahead. We remain committed to providing affordable entertainment to Indonesians and supporting the local film production industry.”
NSR Co-Founder, Mr Harris Lasmana, said, “We value GIC’s experience as a longterm and like-minded partner to support the growth of the company going forward and to enhance our leadership position.”
Mr Amit Kunal, Head of Direct Investments Group for South East Asia, Private Equity & Infrastructure, GIC, said, “The investment by GIC reflects our confidence in Indonesia’s long-term growth potential. NSR’s operational expertise and portfolio of high quality cinemas positions it well to benefit from the rapidly expanding consumer class and economic development in Indonesia. We look forward to working with the team at NSR to accelerate its presence nationally and to achieve the vision of providing best-in-class cinematic experience to the country.”
NSR President Commissioner, Mr Suryo Suherman, said, “The partnership with GIC marks an important milestone in our company’s journey, as we embark on the next phase of development and growth.”
“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,” added Mr Hans Gunadi, NSR Chief Executive Officer.