Star to acquire US company for RM56m

PETALING JAYA: Star Publications (Malaysia) Bhd's is buying a US-based exhibition company, Victory Hill Exhibitions Pte Ltd (VHE), for SG$21 million (RM56.7 million).
Its unit, Cityneon Holdings Ltd, yesterday entered into an agreement with Philadelphia Investments Ltd to acquire the entire share capital of VHE that holds the rights to operate, market and promote the Marvel exhibits for display in museums and science centres or other similar venues.
VHE had on Jan 31, 2013, inked a licence agreement with Marvel Characters BV on the same date for the right to provide exhibition services for Marvel.
Star said it is in the company's interest to expand its businesses overseas to provide additional sources of revenue and diversify its businesses and geographical risk.
"With the inclusion of the complementary portfolio of assets made pursuant to the asset transfer within the group's business, it is able to tap into a different area of business while leveraging its current expertise in events and exhibitions," it said.