BizLIVE - A senior of Galaxy ME has said the company will not sell its cinema operations, refuting earlier news reports.
Galaxy ME Denies Rumors of Selling Cinema Ops
Galaxy has denied rumors of selling its cinema operations. Photo: mgift.vn
News reports saying that Galaxy ME plans to unload its cinema operations are untrue, Dinh Thanh Huong, the company’s general director, told local media.
“We have no plans to seek or negotiate with any partners to sell our cinema chain. We should not waste more time for these groundless rumors,” Huong said.
DealStreetAsia on Monday cited an industry source with knowledge of the matter as saying that the Vietnamese entertainment company had plans to dispose of its cinema operations to private equity firms for $25 million.
A negotiation with a well-established PE fund failed because the management team of Galaxy Cinema wanted to exit the business, while the fund wanted the founder, 56-year-old businesswoman Dinh Thi Hoa, to stay and run the company, the source added.
Galaxy Cinema was the third-largest cinema operator in Vietnam with seven locations at the end of 2016, and it has opened another three locations since then. It ranks behind CGV and Lotte Cinema, which have 38 and 29 facilities, respectively.
Dinh Thanh Huong said that the company added three cinemas to its chain in 2016. It plans to open other six facilities in four provinces and cities this year and five or six cinemas will come online next year.
“The figures show that Galaxy continues its growth path and reasserts its position as a leading entertainment company in Vietnam,” she added.

Galaxy was established by Hoa in 1994 as a media company and then expanded its business to the movie industry a decade after that. Trained overseas, Hoa worked for the Ministry of Foreign Affairs for a period.

She is now a board member of Asia Commercial Bank (ACB), REE Corp (REE) and is a vice chairperson of Thien Viet Securities Company (TVS).

TUAN MINH