Cambodia Investment Review
Thailand’s Major Cineplex Group is exiting Cambodia after more than a decade in the market, selling its controlling stake in Major Platinum Cineplex (Cambodia) Co., Ltd. (MPC) to local digital media company Sabay Digital Group in a deal valued at approximately 161.3 million baht, or about $5.1 million.
The transaction, disclosed to the Stock Exchange of Thailand, involves the sale of 7,000 ordinary shares representing 70 percent of MPC through Major Holdings International Co., Ltd., a subsidiary of Major Cineplex. The agreed sale price was $734.89 per share, based on the company’s book value as of January 31, 2026.
The deal is expected to be completed within the first quarter of 2026.
Major Cineplex exits Cambodian entertainment market
The divestment marks the end of Major Cineplex’s direct involvement in Cambodia’s cinema and entertainment sector after more than 12 years of operations.
During its time in the Kingdom, the company developed and operated several cinema and entertainment venues in key retail locations. These included multiplex cinemas at Aeon Mall Phnom Penh, Sorya Center Point, and Big C Poipet.
In addition to cinema operations, the business also ran bowling and entertainment facilities. According to information from the company’s former operating structure, the group managed around 27 bowling lanes across its venues, including 13 lanes at the Aeon Mall 1 branch in Phnom Penh and 14 lanes at the Sorya Center Point location.
Some locations also incorporated rental space management alongside the entertainment offerings, particularly at branches such as Big C Poipet.
Despite Major Cineplex’s exit, the cinemas and associated entertainment facilities will continue operating under the new ownership structure. The local group acquiring the assets is expected to take over the management of venues, employees, and ongoing operations.
Transaction part of portfolio adjustments
Major Cineplex said the sale forms part of a broader portfolio adjustment strategy aimed at strengthening business stability.
The company noted that the decision was influenced by evolving market conditions and broader geopolitical considerations, including rising tensions and consumer boycotts affecting Thai brands in certain markets.
When calculated using the net operating profit method, the transaction represents approximately 5.4 percent of Major Cineplex’s total assets based on its 2025 financial statements. This falls below the 15 percent disclosure threshold set by the Thai Securities and Exchange Commission, meaning the company is not required to submit a detailed information memorandum.
However, the company said it chose to notify the Stock Exchange of Thailand to ensure transparency for investors and shareholders.
Sabay Digital expands role in entertainment sector
The acquiring company, Sabay Digital Group Pte. Ltd., is one of Cambodia’s largest digital media and entertainment companies. Established in 2007, the group operates across a range of sectors including digital news platforms, online gaming, entertainment media, and digital payments.
Sabay Digital is best known for Sabay News, one of the most widely visited Khmer-language online news platforms in Cambodia. The company also has interests in film distribution and other digital entertainment services.
The acquisition is not Sabay Digital’s first involvement in the cinema venture. The company had previously held a 15 percent stake in the Cambodian joint venture alongside Major Cineplex.
With this latest transaction, Sabay Digital will assume full ownership of Major Platinum Cineplex (Cambodia), transforming the structure from a joint venture into a wholly locally controlled operation.
Industry observers note that the transition may allow the cinema business to align more closely with Cambodian consumer preferences, given Sabay’s experience in local media, entertainment, and digital platforms.
The sale was approved by the Extraordinary General Meeting of Shareholders of Major Holdings International Co., Ltd. on February 20, 2026, completing the internal approval process required for the divestment.
