Japan’s Daiwa PI Partners invests $8 mil. in Vietnamese cinema complex operator Beta Media
HANOI/TOKYO, NNA – Japanese private equity investment firm Daiwa PI Partners Co. has invested in Vietnamese cinema complex operator Beta Media Joint Stock Co. as it bets on the growth of the country's entertainment sector,
The investment vehicle of the major brokerage Daiwa Securities Group Inc. did not disclose the value of the investment, which was made through Beta Holdings Joint Stock Co. VN Express, a local online news site, reported it was $8 million on Monday.
The move followed its private equity investments in dairy products maker International Dairy Products Joint Stock Co. in 2014 and in e-commerce operator Sen Do Technology Joint Stock Co. in 2018 in the country, according to Hajime Hasegawa, a director in charge of the latest investment.
The cinema operator targets young generations by offering reasonable ticket prices. It has rapidly expanded theater networks since it launched operations in 2014. Daiwa PI Partners expects high growth in entertainment spending on the back of the country’s mid- to long-term economic growth, it said in a statement on Tuesday.
The Hanoi-based group runs 12 cinema complexes under Beta Cineplex brand in seven provinces and cities in the country, focusing on students and youths, the report said.
The cinema operator also received investment capital from Vietnam Investments Group LLC in 2015 and received an additional $2.5 million from Blue HK Investments Ltd., a Hong Kong-based private equity fund, in 2017, according to the report.
Bui Quang Minh, CEO of Beta Media, said in the report that with the latest investment, the company will open more cinemas and reach 50 cinemas nationwide in the next few years.