Master Ad PLC annouced the launch of VGI MACO (Singapore) Private Limited or VGI MACO in Singapore, with MACO holding 75 percent of the total shares and VGI holding 25 percent of the total shares. This is the company’s latest move to expand its media presence in key ASEAN markets.
Meanwhile, the company’s Board of Directors has approved a joint venture agreement between VGI MACO and Belino Investment Limited or Belino, which is a subsidiary of Golden Agri-Resources Ltd. (“GAR”) – a leading integrated palm-based agribusiness and consumer product company listed on the Singapore Stock Exchange – to engage in the businesses of Out-of-Home (OOH) media, payment system and CRM loyalty programme in Indonesia. The shareholding structure of VGI MACO and Belino in the agreement will be 40 and 60 percent, respectively; while the registered capital of the joint venture is expected to be USD 5 million (or approximately THB 165.40 million) and its incorporation expected to be completed within February 2019.
Mr. Phoon Chiong Kit, Chief Executive Officer of Master Ad PLC or MACO, Asia’s leading outdoor media provider, said, “With the rapid growth of advertising demand in the regional market, we saw new opportunities to expand our network to countries in the region, and this has been one of our key strategic moves in the past 2-3 years: starting with the establishment of MACO OUTDOOR in 2016, offering OOH media advertising services in Malaysia, to the acquisition of VGI Global Media (Malaysia) Sdn. Bhd or VGM in the middle of this year (May 2018), and the recent investment in Roctec Technology Limited (“Roctec”), which is a market leader in multimedia display system and networking infrastructure solutions based in Hong Kong, up to our latest investments in Singapore and Indonesia.”
“MACO latest expansions will not only help accelerate the company’s growth and stability, but will also enhance the diversity of our OOH media portfolio and expand our coverage into high potential markets in the region,” said Mr. Chiong Kit.
