SOVEREIGN wealth fund Khazanah Nasional Bhd today explained its divestment of shares in Iskandar Malaysia Studios Sdn Bhd (IMS) to a Singaporean firm, saying the move would raise the profile of the studio complex.

IMS is a studio complex located on a 20ha site in Iskandar Puteri, Johor Baru.

In a statement, Khazanah said its wholly owned special purpose vehicle, Granatum Ventures Sdn Bhd has entered into a definitive share sale agreement to divest its shares in IMS to Studio Management Services Sdn Bhd (SMS).

SMS is a consortium led by the IMS Malaysian management team in partnership with GHY Culture & Media Holding Co Ltd and its subsidiary, GHY Culture & Media (M) Sdn Bhd.

“SMS is expected to further enhance the services provided by Iskandar Malaysia Studios to the industry, as well as facilitate future partnerships and production opportunities for Malaysia.”

Khazanah expects better capacity to attract large productions, contributing to more utilisation of the studio, which can be supported by the local production ecosystem.

“The sale will be for a 100% stake in the operating company, IMS, which is leasing the land where the studio premises are located from Tanjung Bidara Ventures Sdn Bhd, a wholly-owned special purpose vehicle of Khazanah. 

“The completion of the transaction is currently pending fulfilment of the conditions precedent.”

Khazanah said the GHY Group, which is listed on the Singapore Exchange mainboard, is a “leading diversified group” that is focused on the “production and distribution of dramas, films, and concerts in the Asia-Pacific region”. 

IMS was formerly known as Pinewood Iskandar Malaysia Studios in partnership with the Pinewood Group.

It was reported that IMS was sold for RM32 million and that RM748 million had been invested in the project. – April 9, 2023.