IMAX Expanding in Indonesia
Mar 26th 2013 2:15PM
Updated Mar 27th 2013 1:26PM
IMAX Corp. is expanding again. Following last month's announcements of new theater openings in Russia, the big-screen moviemaker said Tuesday that it has signed an agreement to install eight IMAX theaters around Indonesia, quintupling its presence in the most populous nation in Southeast Asia.
The agreement was signed with Indonesia's largest exhibitor, Cinema 21. In the press release, IMAX did not specify where in Indonesia the new theaters will be built, nor did the company provide any financial specifics on the deal. IMAX CEO Richard L. Gelfond was quoted as saying, "consumer spending and investment remain strong" in Indonesia and "the demand for IMAX continues to build."
In early trading today, investors had bid shares up 0.3% to $26.45 apiece.
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