Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos)

Must Read

FG, States, LGAs share N528.39bn FAAC allocation in Jan 2021

The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.34bn to the three tiers of government in December...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

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.


Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand SpurFacebook | Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand SpurYoutube | Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand SpurLinkedIn | Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand SpurInstagram | Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand SpurToutiao | Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand SpurYouku

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand SpurWeibo | Wechat:

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand Spur


Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand Spur
- Advertisement -

As part of activities marking the second anniversary of his administration, Ekiti State Governor, Dr Kayode Fayemi, has commissioned the State capital’s Ultramodern Central market on Thursday for public use.

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant

The Governor said the imposing market complex which boasts of modern facilities would boost commerce and other economic activities in the state capital.

Dr Fayemi, whose first administration conceptualized the market in 2012, however, commended his immediate predecessor, Mr Ayo Fayose for starting the project which was at 55 percent completion level at the time the last administration left office, two years ago.

- Advertisement -
Read Also:  September 2019 Annual Inflation Rate Rises to 11.24% as Food Inflation Jumps to 13.51% amid Border Closure…

The Governor disclosed that he was determined to complete the project inherited from the immediate past administration because of his resolve to give priority attention to abandoned projects, adding that his administration still retained the same contractor engaged by his predecessor.

Dr Fayemi explained that the new market was purposely built to benefit the state describing it as “another eloquent testimony of impacting lives and building legacies for the benefit of the people.”

Some of the facilities in the market, according to the Governor, are 234 open shops, 738 lock-up shops, two restaurants, two banking halls, two warehouses, a police post, a clinic, and an expansive parking lot.

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant

- Advertisement -

Describing the market as “befitting the state capital”, the Governor said it would add to the aesthetics of the city and was part of the fulfilment of his administration’s Urban Renewal policy started during his first term in office.

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant

He added that his administration has replicated similar market projects in every local government headquarter in the state to make commerce conducive for buyers and sellers and boost Internally Generated Revenue.

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant

- Advertisement -

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant

He however appealed to traders who still display their wares on the roadside to move into the new market to allow for a free flow of traffic and for their personal safety.

He said further: “This project was conceived to make trading conducive, I expect our traders who display their wares on the road to move in to decongest our road. I enjoin market women to make use of this market and plans are afoot to engage professional facility managers to maintain this market.”

Speaking earlier, Ewi of Ado-Ekiti, Oba Rufus Aladesanmi Adejugbe III, said the people of his kingdom would be grateful to Governor Fayemi for keeping his promise to complete the market given the inability of the last administration to complete it.

Oba Adejugbe said: “I want to thank you (Governor Fayemi) especially for the pronouncement that there will be no abandoned project in Ekiti State again. This is wonderful, no government can complete all projects whatever party that is in power because when projects are completed, Ekiti people will benefit from them so I want to appeal to our people to make good use of this market.”

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant

The governor, who also inaugurated two of the newly built Model colleges, said the schools were put in place to decongest public schools in the State capital and to open up new settlements in Ado to economic and Infrastructural development.

Read Also:  Reminisce’s the Street Concert introduces Galaxy Grand Prime + Limited Edition Pack

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant
Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant – www.brandspurng.com

Dr. Fayemi explained that the model schools which were named after the illustrious sons of the State, Ayo Fasanmi, Prof ‘Banji Akintoye, Prof David Oke, and Chief Deji Fasuan was part of the multifaceted efforts put in place to achieve a pupil friendly environment that would encourage enrolment of school-age children in the State.

He mentioned that payment of all outstanding counterpart funds running into seven billion naira to Universal Basic Education Commission (UBEC) from 2015 to 2019, provision of instructional materials to schools, payment of regular running grants to all public Primary and Secondary Schools in the State, massive reconstruction and rehabilitation of school infrastructure and construction of additional school buildings as well as the provision of conducive teaching and learning environment in schools were part of the steps taking to tackle challenges mitigating against child enrolment in the state.

Other efforts put in place according to him included; introduction of the School Feeding Programme in primary schools, regular capacity building programmes for teachers, payment of teachers’ salaries as and when due and fostering greater synergy with development partners, UBEC, and the Federal Ministry of Education amongst others.

He said; “It gladdens my heart and I am fulfilled that in Ekiti State, our administration has never hidden its plans to make public Schools attractive. With this, we now have public schools that can compete favourably with the best in the country, and indeed, our new Model Colleges are the ones to beat around here. All these are in fulfilment of our promise to provide functional and qualitative education in Ekiti State.”

The eldest son of the late Ayo Fasnami, Justice Obafemi Fasanmi, in an emotion-laden speech, thanked the Governor for naming the school after his late dad, saying that it was a great honour to the memory of his dad who died about four months ago.

On hand to witness the inauguration of the project are the Deputy Governor, Otunba Bisi Egbeyemi; First Lady, Erelu Bisi Fayemi; Ewi of Ado Ekiti, Oba Rufus Adeyemo Adejugbe, Aladesanmi III; Chairman, Ado Ekiti Local Government, Mrs Omotunde Fajuyi; members of the State Executive Council, political office holders, market men, and women.

 

- Advertisement -
Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand SpurEkiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

3 COMMENTS

  1. […] SOURCE: https://brandspurng.com/2020/10/16/ekiti-govt-commissions-ultramodern-ado-ekiti-central-market-model… […]

  2. […] SOURCE: https://brandspurng.com/2020/10/16/ekiti-govt-commissions-ultramodern-ado-ekiti-central-market-model… […]

  3. Today, taking into consideration the fast life-style that everyone is having, credit cards have a huge demand throughout the market. Persons coming from every field are using the credit card and people who aren’t using the credit card have lined up to apply for 1. Thanks for expressing your ideas about credit cards.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand SpurEkiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand Spur

Latest News

GTBank Releases Q1 2021 Unaudited Results, Reports Profit Before Tax Of N53.7Bn

Guaranty Trust Bank (GTBank) Plc has released its unaudited Financial Results for the period ended March 31, 2021, to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Ekiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand SpurEkiti Govt Commissions Ultramodern Ado-Ekiti Central Market, Model Schools and Asphalt Plant (Photos) - Brand Spur