Speech Delivered At Official MoU Signing Between Ikeja Electric And Mojec International Ltd

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Cityneon Raises S$235 Million; Well Positioned for Next Growth Chapter

  • The global experience entertainment company gets a S$235 million shot in the arm, closes its private fund raising in April 2021
  • Investors both new and existing include Singapore's Pavilion Capital, Seatown Holdings International and EDBI, Qatar's Doha Venture Capital and financial institutions and family offices in Singapore and China
  • These now join other existing Cityneon shareholders CITIC Capital, veteran entrepreneur and investor Mr. Johnson Ko, and Executive Chairman & Group CEO Mr. Ron Tan
  • Funding comes just after the Group acquired multi-year licensing rights for James Cameron's AVATAR touring exhibition, and two original artefacts IP on the ancient civilization Machu Picchu from Peru and Ramses the Great (Ramses II) from Egypt
  • Investments position the Group well to bring experiences across the globe, targeting to launch six experiences in China and five in the U.S. by the end of 2021, with more in other parts of the world

SINGAPORE - Media OutReach - 21 April 2021 - Cityneon Holdings ("Cityneon", the "Company"/collectively with its subsidiaries, the "Group") raised S$235 million in the most recent round of private funding. The latest round of funding adds seasoned investors to Cityneon's already strong stable of shareholders.

This funding round was led by Singapore's Pavilion Capital, Seatown Holdings International, EDBI, and Cityneon's Executive Chairman & Group CEO, Mr. Ron Tan. EDBI and Pavilion Capital are existing shareholders of Cityneon whilst new investors include Seatown Holdings International, Qatar's Doha Venture Capital, which will now own approximately 4 per cent of the Group, and other financial institutions and family offices in Singapore and China.

These now join other existing Cityneon shareholders CITIC Capital, veteran entrepreneur and investor Mr. Johnson Ko, and Executive Chairman & Group CEO Mr. Ron Tan to form a new and strong shareholder base for the Group. Mr. Johnson Ko and Mr. Ron Tan remain as the largest shareholders of the company via their combined entity, West Knighton Limited.

The Group is now well positioned for its next growth chapter and will use the proceeds for capital expenditure that includes building more of its various intellectual property (IP) exhibition sets, totaling 24 travelling and four semi-permanent sets under the Studio IP partnerships and three travelling sets under the original artefact IP partnerships by the end of 2022.

Already, the Group just signed its fifth IP rights with Avatar from 20th Century Studios last year. Amidst the anticipation from Avatar fans worldwide, Cityneon will debut a multi-sensory Avatar exhibition in Chengdu, China in May 2021, ahead of the Avatar movie sequel which is slated for release in 2022. Avatar is the world's top grossing film of all time at over US$2.8 billion, and adding millions more after its successful re-release in China in March 2021. Avatar's director James Cameron has announced that he will be producing four sequels with 20th Century Studios, with the first sequel slated for release next year. Disney acquired 20th Century Studios for US$71 billion in 2019.

The Company also recently entered the original artefacts IPs space and will stage international exhibitions of the treasures of the ancient civilization Machu Picchu from Peru in Boca Raton, Florida and Pharaoh Ramses II from Egypt in Houston, Texas. These two experiences will start welcoming visitors in October and November 2021, respectively.

Other IP rights that the Group holds include partnerships with Universal Studios for Jurassic World: The Exhibition, Marvel for Avengers S.T.A.T.I.O.N., Lionsgate for The Hunger Games: The Exhibition and Hasbro for Transformers Autobot Alliance. All in, Cityneon holds the IP rights for five of the top 10 worldwide box office hits and two artefacts IP from Peru and Egypt. The Group expects to have six sets of its various IP rights travelling across China, and five travelling and permanent sets in the United States, with a few more in other parts of the globe.

The Group will also be reopening experiences that were temporarily closed in 2020, aiming to provide visitors with a safe entertainment option. These include the Marvel Avengers S.T.A.T.I.O.N. in Toronto, Canada that will be re-opening in May 2021; and the Marvel Avengers S.T.A.T.I.O.N. exhibition in Lotte Mall in Seoul, Korea in April 2021; the same exhibition space which previously housed Jurassic World: The Exhibition, another IP experience exhibition by the Group in 2019. In the past month, the Group also witnessed record visitor numbers at their semi-permanent installations in Las Vegas, USA, signaling a strong comeback and demand for their immersive experiences, as they step into the 6th year of operations there.

While there are exciting plans lined up, the Group is not resting on its laurels. More Hollywood IPs and artefact IPs can be expected, and there will be further announcements on new IP verticals in entertainment experiences that the Group is looking to enter.

Mr. Ron Tan, Executive Chairman & Group CEO of Cityneon, said: "It is exciting that the Company is going through such strategic expansion as one of the largest providers of exhibition entertainment experiences globally. The S$235 million funding round sets a solid foundation for us to invest in developing more of our entertainment experiences, to stage even more exhibitions of the five box office hits and two artefact IPs that we hold the rights to all over the world. I'm thankful that our strong investors base, now from Singapore, Hong Kong, China and the Middle East, have trust in our vision, and believe alongside us that this space of big ideas and big experiences will only grow."

By the end of this year, Cityneon will arguably be the largest provider of exhibition entertainment experiences internationally; with global footprints in more than 50 cities and welcoming 10 million unique visitors across the world by 2022.

Cityneon Holdings

With its global reach and international partnerships, Cityneon has the capability to serve its clients anywhere in the world. Cityneon was listed on the Mainboard of the Singapore Stock Exchange since 2005, and was privatized on February 2019 by West Knighton Limited, a company wholly owned by Cityneon's Executive Chairman and Group CEO, Ron Tan, together with Hong Kong veteran entrepreneur and investor, Johnson Ko Chun Shun. Johnson is a capital markets veteran and has held controlling interests and directorships in many listed companies. In May 2019, Cityneon welcomed CITIC Capital as a new shareholder, who holds approximately 10% shares in Cityneon. CITIC Capital is part of CITIC Group, one of China's largest conglomerates, and has over US$25b of assets under its management across 100 funds and investment products globally. Other institutional shareholders of the Group include EDBI - a Singapore government-linked global investor, and Pavilion Capital - a Singapore-based investment institution which focuses on private equity investments, that made strategic investments in August and October 2019 respectively, to support the Group's further expansion globally. For more information, please visit www.cityneongroup.com.


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Speech Delivered At Official MoU Signing Between Ikeja Electric And Mojec International Ltd - Brand Spur


Speech Delivered At Official MoU Signing Between Ikeja Electric And Mojec International Ltd - Brand Spur
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Ikeja Electric signed a Memorandum of Understanding (MoU) with Mojec International Limited few days ago, a local meter manufacturer, for the supply of 2,055 distribution transformers (DT) meters worth about N570 million, Brand Spur Nigeria reports.

The agreement signing ceremony took place in Lagos at the head office of Ikeja Electric in Ikeja, Lagos.

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Brand Spur Nigeria brings you the speech delivered at Official MoU Signing Between Ikeja Electric And Mojec International Ltd.

Distinguished Guests,

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Members of the Press

Ladies and Gentlemen,

On behalf of the Chief Executive Officer and Ag. Managing Director, Mr. Anthony Youdeowei, I am pleased to welcome you all to the official signing ceremony of the Memorandum of Understanding between Mojec International Ltd and Ikeja Electric Plc for the supply of Distribution Transformer (DT) Meters.

I must especially recognize members of the press who have been very helpful in disseminating correct information in this sector. You will agree that the power sector is bedeviled with misinformation, assumptions and myths. Everyone seems to have an opinion on how the sector operates and often that misinformation ends up creating distrust between stakeholders. This is why we cannot thank you enough for the support, deliberate and careful fact gathering and sharing that you do on your various beats. Thank you.

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As you know, energy accountability has been a major bane in Nigeria’s Energy Sector. The fact that power is daily being consumed without a clear and scientific way of measuring how much is being used up, and by whom, has remained an issue of concern and front burner topic of discussion everywhere. It is therefore necessary that we continue to invest and commit resources to improve our capacity to meter, correctly and fairly, the consumption patterns of as many customers as we can. This =N=570m MoU is a further demonstration of our long term commitment to invest huge sums to ensure there is a turnaround in the experience of our customers altogether. You will recall that we recently spent =N=150m to totally upgrade our Ogudu Injection Substation, which improved overall power supply in that axis. As you can imagine, Ikeja Electric remains committed to investing huge sums to strengthen the network and sustain our meter roll out plan.

We are also proud to partner with Mojec International Ltd, a local content manufacturer that has proved their worth as far as this sector is concerned. We are a proudly Nigerian company which remains committed to the Nigerian Vision. We are sure that Mojec will deliver on the terms of this MoU in a way that will make us all proud. By partnering with us on this, we intend to achieve total metering of our Distribution Transformers and proceed into other areas of mutual interest. This will ensure we get better data that ensures our customers are fairly billed, in a very transparent manner. We commenced this a while ago and this MoU will ensure that the few locations left are concluded on.

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At this point, we must applaud the Federal Government for approving the sum of N26 billion for payment of verified MDA Debts. Though the funds are not going to Discos directly, its utilization to set-off debts owed by Discos to NBET is very welcome. I must also commend NERC for finally going tough on those who chose to steal energy. The consideration of penal fines and fees for erring customers, be they Maximum or Non-Maximum Customers is the right message to send out now. We need this type of courage to face, head on, all the challenges bedeviling the sector, from energy theft, meter bypass, assault on our staff, vandalizing our assets, and the general apathy to pay for energy consumed.

In the end, our customers are all we have! Without them, we cannot exist. This is why our Management remains committed to daily reviewing and improving the customers experience. From our world class service centers, to the deployment of multiple technology based payment channels, improved social media presence, a functional website through which customers can make both payments and enquiries, via our LIVECHAT platform right up to a workforce that is constantly inspired and challenged to put the customer first.

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Is there room for improvement? Certainly! Our resolve remains to keep at it until our customers are delighted right across our Network.

Let me also use this opportunity to thank our esteemed customers for their patronage. Soon we will unveil a loyalty raffle draw that will reward twenty five (25) of our customers with free energy for at least one year. We will also be rewarding customers who make use of our USSD platform to pay their bills with instant credit each time a transaction is successfully completed. These are a few ways we want to say thank you, especially as our anniversary fast approaches. More details will be made available to the general public on our website in due course.

We encourage our customers to keep faith with us. We will achieve our mission to redefine customer experience, and also be the provider of choice wherever energy is consumed. Sooner, rather than later.

Thank you for coming.

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Speech Delivered At Official MoU Signing Between Ikeja Electric And Mojec International Ltd - Brand SpurSpeech Delivered At Official MoU Signing Between Ikeja Electric And Mojec International Ltd - Brand Spur

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