Listed DoubleDragon Properties Corporation is partnering with ABS-CBN Corporation for the operation of cinemas in its CityMalls in provinces across Luzon, the Visayas and Mindanao. In a disclosure to the Philippine Stock Exchange on Wednesday, DoubleDragon said its subsidiary CityMall Commercial Centers Inc. (CMCCI) has signed a partnership agreement with ABS-CBN for the roll out of cinemas in various provincial areas of the country. CityMalls is a community mall format located in provincial areas. Under the partnership, ABS-CBN shall manage the booking and the food & beverage operations of CityMall’s mini theaters, while CMCCI will build and open the cinema infrastructure. As CityMall’s cinemas’ booking agent, ABS-CBN shall determine what movies shall be screened, including the regular screening of Star Cinema productions. ABS-CBN Chairman Eugenio Lopez III, ABS-CBN President and CEO Carlo Katigbak, ABS-CBN group Chief Finance Officer Rolando Valdueza, and Star Creatives Chief Operating Officer Malou Santos signed the partnership together with Citimall Commercial Centers, Inc.’s Chairman Edgar Sia II and President Ferdinand Sia. DoubleDragon noted that it expects to open 10 CityMall cinemas in the second quarter of 2017, in areas such “CityMall intends to fill up the gap in the provincial cinema space since majority of the… Read full this story
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