Ted Shugrue, a former exec at Loews Cineplex and Columbia TriStar, said his Vietnam joint venture has received up to $25 million in new financing as it rolls out multiplexes.
The first project, a $6 million eight-plex, will open in central Hanoi in late April. It was funded mostly by Shugrue's Envoy Media through MegaStar Media, a joint venture with Vietnam publisher and retailer Phuong Nam Corp. Envoy is an 80% partner; Phuong Nam has the other 20%.
The additional financing, arranged by Prudential through the Australia and New Zealand Banking Group, will cover the next several theaters. At least five are planned.
Shugrue said Vietnam's population of 83 million is served by about 85 operating screens. Envoy is looking at similar opportunities in other markets, including India and Mongolia.
"There are a lot of places to hit a long ball, while in developing countries they're wondering how theaters will survive," he told
Daily Variety.
Contact Jill Goldsmith at
jill.goldsmith@variety.com