Japanese private equity investment firm Daiwa PI Partners Co. has announced that it has invested $8 million USD in Vietnamese cinema complex operator Beta Media Joint Stock Co. as it bets on the growth of the country's entertainment sector.
Daiwa PI Partners Co., is the investment vehicle of Japanese brokerage giant, Daiwa Securities Group Inc. Daiwa PI Partners did not ‘officially’ disclose the amount of the investment, however the online news site, VNExpress, reported that the investment amount was $8 million USD.
Beta Media targets young Vietnamese, especially high school and university students by offering a variety of movie programs and offers reasonable ticket prices. Since the company launched its operations in 2014, it has rapidly expanded the number of theatres in its portfolio and now operates 12 cinema complexes under its Beta Cineplex brand, in seven provinces and cities in the country.
This not Beta Media’s first outside investment, it received investment capital from Vietnam Investments Group LLC in 2015, and received $2.5 million USD from Blue HK Investments Ltd., a Hong Kong-based private equity fund, in 2017.
Bui Quang Minh, CEO of Beta Media, said that with the latest investment, the company will open more cinemas and has a goal to operate 50 cinemas nationwide by 2025.
Daiwa PI Partners in their investment notification said that they have forecast Vietnam’s medium to long-term economic growth to continue and that they expect high growth for Vietnam’s entertainment spending over the next several years as students and families look for more ways to entertain themselves.