Pyramid Saimira updates on business plans

Pyramid Saimira Theatre Ltd has announced that the Board of Directors of the Company at its meeting held on January 30, 2007, inter alia, has transacted the following:

1. The Board reviewed the Completion Guarantee for Films, which will be reinsured by Insurance Companies with proper tie-up. The Board also approved the participation of Pyramid in proposed unstructured Content Fund to be raised immediately for funding Production houses. The Board also approved that Pyramid can be sponsorer in structured close ended content fund that can be raised both in India and abroad.

2. The Board approved that wherever Pyramid has the Content Supply Chain arrangement with Production houses, Pyramid can also have strategic alliance with the said Production houses.

3. The Board approved the agreement the Company has entered into with M/s. Ritual Developers, Bangalore for construction of 15 malls, where Pyramid will establish and manage Multiplexes in the State of Karnataka.

4. The Board authorized the Managing Director to complete the negotiations pending for malled Multiplexes of Pyramid's foray in Northern and Western (Chattisgarh, Uttar Pradesh, Madhya Pradesh, Maharashtra and Gujarat) India. The Board also authorized the Managing Director to discuss with the various developers with whom the Company has entered into agreement for malled Multiplexes, for a long term Strategic relationship including formation of SPV.

5. The Board authorized the Managing Director to look for inorganic growth opportunities in Pyramid's core business - Exhibition.

Source : Equity Bulls

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