EDBI invests in Cityneon Holdings

Cityneon will use the funds to fuel its expansion plans.

Singapore government-linked capital investment company EDBI has invested an undisclosed amount in experience entertainment company Cityneon Holdings, an announcement revealed.

EDBI is the latest in a list of Cityneon’s shareholders that include Hong Kong entrepreneur and investor Johnson Ko; Executive Chairman and Group CEO, Ron Tan; and CITIC Capital Holdings, which bought a 10% stake in Cityneon last May 2019.

Cityneon is planning to use the funds for expansion purposes. “Today, approximately 90% of the Group’s profits are derived from outside of Singapore. We intend to step up our pace of expansion,” said Ron Tan, executive chairman and CEO of Cityneon.

The company, which recently delisted from the Singapore Exchange (SGX), is partnered with studios such as The Walt Disney Company, Marvel, Hasbro, Universal Studios, and Lionsgate. Cityneon also shared plans to partner with new studios in the coming months.

In addition to the investment from CITIC Capital and EDBI, the company recently concluded syndicated loans led by their financial partners BNP Paribas, Hang Seng Bank and United Overseas Bank for its expansion plans, the release said.

Cityneon said that it will be establishing a new creative headquarters in Singapore in addition to offices in Los Angeles and Las Vegas. The group’s chief creative officer, Welby Altidor, will also be relocating to Singapore in 2020.