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Yong Tai Collaborates with Sichuan Tourism Investment Group to Revive Theatre Operations

KUALA LUMPUR: Main Market listed Yong Tai Bhd (YTB) inked a collaboration agreement with Sichuan Tourism Investment Group (STIG) to revive the operations of the Encore Melaka theatre, ensuring its turnaround and long-term success.
Encore Melaka will benefit from Sichuan Tourism Investment Group’s strategic integration platforms, including cultural tourism industry transformation, resource integration, and investment.

This partnership marks a significant milestone in YTB’s efforts as STIG is set to resume shows at Encore Melaka in July 2024.

YTB chief executive officer and executive director Datuk Wira Boo Kuang Loon said the company’s partnership with STIG would play a crucial role in reviving the operations of Encore Melaka.

“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,” he said in a statement.

STIG is a prominent state-owned enterprise from Sichuan Province, China.

Established in April 2017, STIG is a flagship enterprise approved by the Sichuan Provincial Government, tasked with transforming Sichuan from a major cultural and tourism province to a tourism powerhouse.

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, YTB will leverage STIG’s extensive experience and expertise to manage and operate the Encore Melaka theatre.

Known for its modern design and 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 and achieve a 70 per cent occupancy rate within six months of operation.

As part of this collaboration, STIG will dispatch a team to oversee the integration and build the organisational framework for Encore Melaka’s operations.

They will manage and refine the theatre’s high-performance programs, schedule performances, plan and supervise activities, and provide regular financial performance reports.

STIG will also manage publicity, marketing, and promotions, employ key personnel with YTB’s consent, and implement strategies to enhance ticket sales and audience attendance.

Additionally, they will maintain the theatre’s assets in good condition and carry out all necessary operations to ensure smooth functioning.

“This collaboration addresses the concerns raised by our investors regarding the management and operational challenges we faced in the past.

“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.

“We anticipate a successful transformation that will see Encore Melaka thrive as a premier cultural destination,” Boo added.

The collaboration comes at an opportune time, as since December 2023, the government has implemented a 30-day visa-free entry for Chinese tourists.

This initiative is expected to facilitate a steady flow of tourists from China, further boosting attendance at Encore Melaka and other YTB ventures.

The government has also declared 2024 as Visit Melaka Year, aiming to promote the state’s rich cultural heritage and attract more tourists.

This initiative underscores the government’s commitment to promoting Malaysia as a premier cultural and tourism destination.

“By collaborating with a prestigious artist college to supply performers, we have created a cost-effective model that ties our expenses to ticket sales, making Encore Melaka a financially sustainable project.

“We are confident that with STIG’s management and our strategic planning, we will achieve remarkable success,” Boos said.

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