Imax continues expansion into Asian market

Imax announced Tuesday an expansion to its joint revenue sharing agreement with Malaysia’s TGV Cinemas.

The expansion to the deal, which was struck in October of 2011, will see the Toronto-based theatre chain construct another seven Imax theatres in the country to add to its existing theatre at the Subway Pyramid Shopping Centre.

With the move, Imax will also grow its presence in the burgeoning Asian market to more than 320 theatres which are either already operating or commissioned to begin operations.

Imax began its expansion into the ripe Asian market more than a decade ago, first laying down roots in China, where today it has about 60 screens.

Over the next three years, it’s anticipated that China will become Imax’s second largest international market after the U.S., as the company continues to add screens in the market.

In Malaysia, the first of the seven new theatres is expected to open in the city of Bandar Utama in the fall, with the second slated to open in Johor Bahru in December.

Elsewhere, the third and fourth chains will open in Penang and Kuala Lumpur in 2013 and 2015, respectively, while locations and opening dates for the remaining three theatres are still to be determined.