TOURISM-RELATED property developer Yong Tai Bhd has unveiled a groundbreaking collaboration agreement with Sichuan Tourism Investment Group (STIG) to revive the operations of its Encore Melaka theatre, thus ensuring the venue’s turnaround and long-term success
Yong Tai’s partnership with the prominent state-owned enterprise from China’s Sichuan Province marks a significant milestone in YTB’s efforts to resume shows at Encore Melaka in July 2024.
Established in April 2017, STIG is tasked with transforming Sichuan from a major cultural and tourism province to a tourism powerhouse. With its core mission being to “serve health and happiness, create a better life,” the group prides itself on innovation, excellence, beauty and openness.
STIG has been instrumental in driving the development of the cultural tourism industry in China, with a diverse portfolio that includes hotels, scenic spots, aviation tourism, commercial properties, cultural sports and wellness.
Under this collaboration, Yong Tai will leverage STIG’s extensive experience and expertise to manage and operate the Encore Melaka theatre.
Known for its state-of-the-art design and immersive cultural experiences, Encore Melaka will benefit from STIG’s strategic integration platforms, including cultural tourism industry transformation, resource integration and investment.
This partnership aims to attract significant tourist traffic to the theatre with a target of achieving a 70% occupancy rate within six months of operation.
“This partnership will play a crucial role in reviving the operations of Encore Melaka,” commented Yong Tai’s CEO and executive director Datuk Wira Boo Kuang Loon.
“With the support of STIG and the favourable visa policies, we are confident in our ability to attract a large audience and deliver an unparalleled cultural experience.”
As part of this collaboration, STIG will dispatch a general manager to oversee the integration and build the organisational framework for Encore Melaka’s operations.
Additionally, the Chinese party will also manage and refine the theatre’s high-performance programmes, schedule performances, plan and supervise activities, and provide regular financial performance reports.
“This collaboration addresses the concerns raised by our investors regarding the management and operational challenges we faced in the past,” Boo pointed out.
“With STIG’s proven track record and vast experience, we are now better positioned to achieve our goals. This partnership brings expertise and a robust network that will help drive tourist traffic to our theatre.
He added: “We anticipate a successful transformation that will see Encore Melaka thrive as a premier cultural destination.”
Designed by Wang Ge from Beijing Institute of Architectural Design and constructed by Joinus from Hangzhou, Encore Melaka features a 360-degree rotating auditorium, advanced audio systems, 3D video mapping projections, and special effects.
The theatre’s unique facade, comprising 400,000 aluminium composite panels and fish scale-like LED panels, symbolises the harmony between East and West, movement and serenity, reflecting the ever-changing sky of Melaka.
At the close of today’s trading, Yong Tai was up 1 sen or 3.57% to 29 sen with 4 million shares traded, thus valuing the company at RM118 mil. – June 10, 2024
