Speaking on the investment, Ron Tan, Group Chief Executive and Executive Chairman, Cityneon, said in a statement: “Today, approximately 90% of the group’s profits are derived from outside of Singapore. We intend to step up our pace of expansion”.
With EDBI’s extensive network, it will add significant value to the firm’s expansion worldwide.
Meanwhile, EDBI’s Chief Executive Officer and President, Chu Swee Yeok, said: “Cityneon is a homegrown company that has successfully transformed itself into an IP-focused global leader in immersive experiential entertainment from their traditional businesses.”
The company has demonstrated its ability to create “captivating storylines by localising multiple blockbuster IPs to thrill audiences across many cities,” she added.