EDBI, the investment arm of Singapore’s Economic Development Board (EDB), has made a strategic investment in Cityneon Holdings, according to an announcement.
The investment sum was not disclosed. Cityneon is a Singapore-based company focused on interior design, events, and exhibition experiences.
According to a statement, EDBI joins other shareholders such as Johnson Ko, Cityneon’s Group CEO and executive chairman, and CITIC Capital Holdings, an affiliate of CITIC Group – one of China’s largest conglomerates – to become a part of the company.
Cityneon has been expanding its pool of capital to facilitate its expansion plans. The company recently concluded syndicated loans led by BNP Paribas, Hang Seng Bank and United Overseas Bank. CITIC Capital recently invested new shares in Cityneon in May.
Ron Tan, executive chairman and group CEO of the Group said: “Today, approximately 90% of the Group’s profits are derived from outside of Singapore. We intend to step up our pace of expansion.”
Cityneon will enter new markets including Scotland, India, UAE and China. It will also expand its Singapore headquarters by setting up a new creative office, in addition to existing ones in Los Angeles and Las Vegas in the United States.
Cityneon’s Group chief creative officer, Welby Altidor, will be relocating to Singapore in 2020 to direct its global creative efforts in experience entertainment.
Cityneon is also expected to partner with new studios in coming months for new intellectual properties (IPs) which will grant it the right to curate, create and construct experiences for visitors. Its partner studios include The Walt Disney Company, Marvel, Hasbro, Universal Studios, and Lionsgate.
Chu Swee Yeok, CEO and President of EDBI said: “The company will leverage EDBI’s strong technology network for new innovations including mixed reality and consumer analytics to complement their good mastery of animatronics. We look forward to Cityneon’s contributions to enhance Singapore’s attractiveness as a destination for immersive events while strengthening our design capabilities.”
EDBI’s investment in Cityneon comes under its Strategic Growth Programme, which supports high growth Singapore-based companies in their expansion plans. This programme covers a wide range of sectors EDBI deems to be “high growth technology sectors”, including information & communication technology (ICT), emerging technology, and healthcare.