Pinewood Shepperton expands into Malaysia
Completion of new studio facility expected by the end of 2012LONDON -- U.K. studio facilities group Pinewood Shepperton, listed here on the stock exchange, is spreading its tentacles across the globe, sealing a deal with the Malaysian government to set up a studio there.
The British-based group said Wednesday it has signed an agreement with the Malaysian government's investment holding arm, Khazanah Nasional Berhad to set up a fresh film and television studio facility in Iskandar, Southern Malaysia.
Khazanah Nasional Berhad anticipates studio construction to begin towards the end of 2010, with completion expected by the end of 2012.
The newly built Studios will trade as Pinewood Iskandar Malaysia Studios.
The move gives Pinewood Shepperton a foothold in a region predicted to have a rise in entertainment and media spending in the coming months.
Pinewood Shepperton will receive consultancy and brand license fees for sales and marketing services through the deal.
Pinewood Shepperton chief executive Ivan Dunleavy said: "Following our deal for Pinewood Toronto and now Pinewood Malaysia, we are exploring further opportunities in this new and growing market."
Malaysia's digital connections, low cost base and proximity to Singapore and the growing Chinese market are among the factors pushing Pinewood's decision to locate there.