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19 Dec 2018 | 14:24

Grand Vision Media monitoring troubles at cinema business partner SMI

Grand Vision Media Holdings said it was monitoring troubles at a key business partners in Hong Kong that had shuttered hundreds of its cinemas.

Grand Vision currently has 44 panels installed at cinemas owned by SMI Holdings, which has announced it was short of funds and temporarily suspended 140 of its 320 theaters, of which 11 may soon close.

None of the 44 panels were located in any of the temporarily suspended sites or at those sites marked for closure, Grand Vision said.

'We further confirm that we continue to receive new advertising orders including for those panels located at the SMI cinemas,' it added.

The company was currently reviewing the situation and would provide an update on any actions that may be implemented as a result.

'The problems at SMI are not expected to have any material impact on Grand Vision's business model,' the company said.

'We confirm that we are not owed any monies by SMI.'

At 2:24pm: (LON:GVMH) Grand Vision Media Holdings Plc share price was 0p at 17.5p

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