Vietnam’s third biggest cinema operator ready to pull the plug

15:20 | 22/08/2017 Society

Ho Chi Minh City-based Galaxy Studio Joint Stock Company is putting its cinema operations up for sale, DealstreetAsia cited a source familiar with the company as saying in a recent report.

A staff of Galaxy Cinema checks tickets of audience at a cinema in Ho Chi Minh City - Photo by VnExpress

According to the source, Galaxy is talking to private equity firms to cut the deal at $25 million.

Galaxy was unavailable for comment on the issue, while investor Vietnam Investment Group could not be reached, said the DealstreetAsia report.

Galaxy Cinema is the third largest cinema operator in Vietnam with 10 theaters across the country.

South Korea’s CGV and Lotte Cinema control the market with 38 and 29 movie theaters respectively.

Galaxy Cinema is a subsidiary of Galaxy Studio, a film making and distribution firm which is a part of the Thien Ngan (Galaxy) Group.

Founded in 1994, Galaxy Studio jumped into the cinema business in 2003 as a distributor of foreign movies and the first private film producer in Vietnam.

Theo Vnexpress