More Multiplexes for Vietnam
Envoy Media Partners, headed by Ted Shugrue, obtains licenses to operate three more movie complexes in Vietnam.
Envoy Media Partners, the international entertainment investment company headed by Ted Shugrue, reported Thursday that MegaStar Media JV Vietnam, of which it is a majority shareholder, had obtained licenses to operate three more movie complexes in Vietnam.
MegaStar Cineplex of Vietnam, the joint venture exhibition division, now has permits to build and operate five multiplexes in the country.
The first, Vincon Tower 8-plex in Hanoi, has been operating since May and four more are currently under construction in Ho Chi Minh City, Hai Phoung and Bien Hoa.
"These operating licenses have long been crucial to our first phase plan, which will probably include only two additional projects in the context of our first financing capability," said Envoy Media CEO Shugrue, a former president of Columbia TriStar International, in a statement.
He indicated that the first five theaters alone will give MegaStar close to 40 screens in the territory with another 16 to 20 to come. Shugrue credits Envoy Media's Vietnam partner, Phuong Nam Corp., "for our obtaining these very important licenses" from the government.
MegaStar's distribution division handles the local release of films from UIP and Buena Vista International.