China’s Bona Film Group has secured a $13 million (RMB80 million) credit line from Shanghai Pudong Development Bank. The three year facility will be used to help expand the company’s multiplex business.
Bona, which is listed on NASDAQ, is a film producer, distributor and financier that is 20% owned by 21st Century Fox.
It has recently launched a $162 million (RMB1 billion) fund for its production slate and in September picked up diversified conglomerate Fosun as a new 6% strategic investor.
Bona’s chairman, CEO and founder Yu Dong will give a keynote speech Wednesday at the ScreenSingapore convention.
“Our theater business has been a strong contributor to Bona’s success in 2013, and it is a key component to the longer term growth strategy of the Company. At the end of this year, we will have a total of 21 theaters with 173 screens in operation and seven new theaters under construction. In the first half of 2014, we expect to open four to five additional theaters. We expect this credit facility to support our growth plans in these areas,” said Yu in a prepared statement.