KUALA LUMPUR: Tourism and cultural-related property developer Yong Tai Bhd will see the emergence of Nasdaq-listed HRC World Plc as a strategic investor in its Encore Melaka theatre.
HRC World is mainly involved in providing strategic restaurant management services for restaurant chains across China and other parts of Asia as well as audio-visual content development, management and consultancy services.
The Encore Melaka theatre is being developed and operated by Yong Tai’s wholly-owned PTS Impression Sdn Bhd.
PTSI today entered into a Memorandum of Understanding (MoU) with HRC Music Plc, a subsidiary of HRC World, to formalise the parties’ intention and understanding in relation to the proposed investment by HRC World in PTSI.
HRC Music will subscribe up to 70 per cent stake in PTSI at a subscription price to be determined later, Yong Tai said in a statement.
Datuk Wira Boo Kuang Loon, chief executive officer of Yong Tai, said the participation by HRC World demonstrated its commitment and confidence in Encore Melaka theatre.
“Yong Tai sees the synergistic value from HRC World to jointly operate Encore Melaka theatre as HRC World manages well-known music-centric, themed food and beverage cafes across China and other parts of Asia that strategically promotes live music and bands.
“Their participation would definitely boost Encore Melaka theatre profile across China and other parts of Asia,” he added.
Encore Melaka is the first international standard indoor theatre in Malaysia with a 360-degree rotating auditorium with a total capacity of 2,000 seats.
It is a franchise and the 10th Impression Series and first outside of China, which is a hit among tourists.
The show is the story of Melaka brought to life by about 200 local talented performers in colourful period costumes, exuberant stage settings and spectacular lighting and audio effects.
The theatre is nestled within the Impression City development, a RM7.0 billion gross development value cultural tourism properties development in Melaka which will be developed in stages on a 138-acre parcel of land.