Tanjong wants to fully acquire TGV

TANJONG PLC, via subsidiary Tanjong Entertainment Sdn Bhd, has proposed to acquire the remaining 50 per cent stake in TGV Cinemas Sdn Bhd, involving 2.5 million shares, from Golden Harvest Cinema Holdings Ltd (GHCH) and Global Entertainment and Management Systems Sdn Bhd (GEMS), for RM40.16 million. The exercise, to be financed by internal funds, aims to repay TGV's outstanding loans to both GHCH and GEMS. Upon completion by middle of the year, TGV will be a wholly-owned subsidiary of Tanjong Group. The proposed acquisition will also enable the group to pursue expansion opportunities both within Malaysia and regionally to improve its returns in the cinema business.