Iskandar film studio sold to S'pore firm after losing 90pct value

Film and TV production complex Iskandar Malaysia Studios (IMS) was recently valued at RM32 million, eight years since it was opened after an investment of between RM528 million and RM748 million.

This was revealed by American entertainment news site Variety which recently reported that Singaporean content provider GHY Culture & Media acquired IMS for a total of RM35.34 million.

“The valuation compares very badly with the cost to the Malaysian taxpayer.

“Even using the lower construction cost figure...