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.
The article IMAX Expanding in Indonesia originally appeared on Fool.com.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Imax. The Motley Fool owns shares of Imax. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.