Cinépolis Partners with Lippo Group to Grow Indonesian Cinema Chain, Cinemaxx
PRESS RELEASE —
Jakarta, 19 October 2018 – Lippo Group, Indonesia’s leading consumer services group, and its subsidiary PT Cinemaxx Global Pasifik (“Cinemaxx”), have entered into a strategic partnership with Cinépolis, the second largest cinema operator in the world in terms of moviegoers. Through this strategic investment, Cinépolis will own a significant minority stake in Cinemaxx. The proceeds will be used to fuel growth and help Cinemaxx achieve its vision of becoming a dominant player in the Indonesian cinema industry.
Cinépolis, a powerhouse in global cinema with almost five decades of operating experience, currently operates 5,609 screens across 691 cinemas, with presence in 17 countries and entertaining over 338 million patrons annually.
Alejandro Ramirez Magaña, Chief Executive Officer of Cinépolis said, “The Indonesian cinema market is significantly under-screened considering its large population. Through this partnership with Lippo Group, we are excited to expand Cinépolis’ global network of cinema to South East Asia and bring our vast experience,innovation, and operational expertise to develop the Indonesian exhibition market.”
Arturo López Martin, Chief Investment Officer of Cinépolis, said, “This is a very strategic investment for Cinépolis. Indonesia will represent an important growth market for our Company as Cinemaxx is poised to become Indonesia’s leading cinema operator.”
Javier Sotomayor, Managing Director of Cinépolis in Asia said, “We are confident in the leadership of Cinemaxx and look forward to working together alongside their team.”
Brian Riady, Executive Director of Lippo Group and Cinemaxx said, “We have searched long and hard for a world-class operator to partner with us in order to achieve our ambitious vision of building Indonesia’s largest and most preferred cinema group. Cinépolis brings to Indonesia an unrivalled reputation in cinema entertainment and will surely drive Indonesian cinema to greater heights.”
Gerald Dibbayawan, Chief Executive Officer of Cinemaxx said, “The entire team is very excited by what the future holds for Cinemaxx. We are blessed to have the support of Lippo and Cinépolis, two giants in their respective spheres of operation, and are confident of the growth potential of Cinemaxx.”
Since its inception in 2014, Cinemaxx has rapidly stamped its presence across Indonesia’s cinema industry, operating modern world class cinemas in 31 cities, with 45 cinemas and 226 screens. The company deploys the very latest cinema projection, sound and content management systems and is progressively adopting the latest technology to serve its millions of guests. Cinemaxx offers a full range of cinema concepts including its innovative kids cinema brand “Cinemaxx Junior”, a state of the art premium large screen format called “Ultra XD”, and its very own luxury cinema offering known as “Cinemaxx Gold”. The chain aims to bring innovations in guest experience through new concepts in food and beverage, cinema advertising, guest engagement, and exciting promotions.