Pinewood Shepperton plc today announces that it has entered into a strategic agreement with Khazanah Nasional Berhad (the investment holding arm of the Government of Malaysia) in connection with the development of a new film and television studio facility in Iskandar, Southern Malaysia ("Studios").
Khazanah Nasional Berhad anticipates that construction of the Studios will begin towards the end of 2010, with completion expected by the end of 2012. The newly built Studios will be named "Pinewood Iskandar Malaysia Studios".
The Company will receive consultancy and brand licence fees for sales and marketing services. Fees due in 2010 will be largely offset by establishing the sales and marketing infrastructure which will benefit subsequent years.
Commenting on the announcement Ivan Dunleavy, Chief Executive said,
"I am pleased that we have reached an agreement with Khazanah Nasional Berhad who will develop world class film and television studio facilities to service the Asia Pacific markets. This represents important progress in the Company's strategy to build a meaningful new revenue stream, exploiting our expertise and brand internationally. Following our deal for Pinewood Toronto and now Pinewood Malaysia, we are exploring further opportunities in this new and growing market."