HÀ NỘI — Việt Nam’s Beta Media JSC has signed an investment agreement with Hong Kong’s Blue HK Investments Ltd to construct low-cost multiplexes in small cities and suburbs in the country.

At the signing ceremony, Beta Media’s general director Bùi Quang Minh affirmed that he still owns more than 50 per cent of the shares and will continue to run the company, though he did not disclose the amount received from Blue HK or the stake it holds.

Beta Media is valued at US$27.5 million, Minh said.

Prior to this, Beta Media has received investment capital from Việt Nam Investment Group (VIG), the investor of Galaxy Cinemas and Galaxy Studios.

A cinema investment company, Beta Media was established in 2015 with the launch of Beta Cineplex cinemas in the northern province of Thái Nguyên. It follows a low-cost model and focuses on small and outlying provinces.

Currently, the company has four multiplexes in Thái Nguyên, Hà Nội and the southern province of Đồng Nai, each with four to five screens. Its ticket prices are 60 to 65 per cent lower than the high-end cinemas in major cities.

The company expects to launch another six multiplexes this year, in the central province of Thanh Hóa, the northern province of Bắc Giang, Hà Nội, HCM City, and the southern provinces of Khánh Hòa and An Giang. Its target is to operate 20 theatre complexes in Việt Nam by 2018.

Beta Media also offers catering services at the multiplexes. Recently, the company also entered the area of film production and distribution.

Its cinema complexes in small cities and provinces and in suburban areas without competitors have been more effective than in large cities such as Hà Nội. The investment required in smaller regions is 60-70 per cent of the investment in big cities, Minh said. — VNS