PMG expands Smart Media division into Asia

RNS Number : 1069A

Parallel Media Group PLC

27 March 2012

 



27.03.12

Parallel Media Group PLC

("PMG" or the "Company")

PMG expands into Asia through creation of Parallel Smart Media Asia 

PMG, the AIM quoted sports media and digital agency, is pleased to announce that Parallel Smart Media ("PSM"), which is 50% owned by PMG, is expanding into Asia via the creation of Parallel Smart Media Asia Pte Limited ("PSMA"), which operates from PMG's new office in Singapore.  

This follows the opening of Parallel Media Group's Korean division, Parallel Media Korea ("PMK") announced in July 2011, and demonstrates the Company's continued focus on the fast-growing Asian markets.

PMG will have a 51% share in PSMA, with Urban Strategic Private Limited (owned by Ranjit Murugason, a non-executive director of PMG and via Urban Strategic Private Limited a 6.45% shareholder in PMG) owning 25% and local management owning the remaining 24%. Both PMG and Ranjit Murugason have provided the start-up working capital for PSMA.

PSMA will utilise PSM's smart media platforms and its core business areas will be sponsorship rights, acquisition and sales, out of home advertising sales, as well as entertainment and art projects.

PSMA continues to recruit a new team of top executives with years of experience in packaging, selling and servicing sponsors across the Entertainment, Sports and Arts sectors. Toh Jin Wei, has joined as Managing Director, and Ben Pember as Head of Sales Asia Pacific.

Toh Jin Wei joins PSMA from the Sports Marketing agency IMG Singapore where he worked with both IMG Consulting and IMG Golf as Vice President, Director of Sales. During his time with IMG Singapore, Jin Wei was involved in various key projects for IMG, including its joint venture with The Asian Tour in golf and other successful sponsorship campaigns such as The Lion King at Marina Bay Sands.

From 2004 through 2008, Jin Wei led the sales team for one of the world's biggest conference companies, IQPC Singapore. Jin Wei holds a Bachelor of Arts degree in Communications and Media Management from the University of South Australia.

Ben Pember joins PSMA from the position of Sales Director for Singapore-based IMG Golf, where he managed the sales team for the Asian Tour Joint Venture. Prior to his tenure as Sales Director, Ben held various positions in IMG, culminating in his appointment as the Tournament Director of a number of Asia Pacific's largest golf events. Ben began his career with Parallel Media Group in Asia in 2005 working on PMG's portfolio of European Tour events.

The new business will also focus on the development of the highly successful Asian music genre, KPOP, promoting and organising concerts in the Asia Pacific territory and granting sponsors access to some of the best properties in the arts and musicals scene. PSMA has already developed a relationship with the Singapore based Marina Bay Sands, which is one of the two licensed Singapore integrated casino and leisure resorts that last month announced record profits and revenues.

Ranjit Murugason, a former leading investment banker in the infrastructure sector, worked for Nomura, UBS and ABN AMRO in London. Ranjit also served as Global Head of Industrials for the Investment Banking Division of ABN AMRO Bank NV until he left the city in the summer of 2003.

Ranjit Murugason comments:

"I am delighted to be part of PMG's expansion into Singapore and look forward to a very successful partnership."

David Ciclitira, Chairman of PMG says: 

"We are very excited to be expanding our relatively new Smart Media division into the Asian market, to take advantage of the opportunities that the entertainment industry in Asia has to offer, as well as working with great teams and partners.

"PMG is delighted to open our Singapore office which will allow us, with the office in Korea, to cover a good deal of the Asian region and enhance our geographic spread. I am very excited about opening new revenue streams based in the area of entertainment. We have seen the phenomenal growth of KPOP in the past 12 months. I think this is a significant step for the Company in Asia and gives us the opportunity to widen beyond our traditional strength of golf."

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For further information, please contact:

Parallel Media Group plc                                                                                                      020 7225 2000

David Ciclitira

Northland Capital Partners Limited                                                                                 020 7796 8800

Luke Cairns, Edward Hutton

Novus Capital Markets Limited                                                                                          020 7107 1881

Nicholas Lee

Bishopsgate Communications                                                                                            020 7562 3350

Deepali Schneider, Lynne Goulding

[e-mail]

 

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