Pyramid Saimira enters Malaysia, to setup 150 entertainment centers in one year

Pyramid Saimira Theatre Ltd has announced that the Company as an International foray enters Malaysia with 150 Entertainment Centers to be operated within a year. These Centers will be spread across entire Malaysia and is expected to generate a turnover of 300 million US$ per annum. This will be a catalyst to spur local production of Chinese and Malay films to be shown in Malaysia as well as exported out side. This will give 2000 direct employment and 5000 indirect employment in Malaysia. The Malaysian JV Company to control assets in excess of one billion US$.

The Company and M/s. Infinity Film Completion Services, a division of Infinity India Advisors Pvt Ltd, Mumbai has entered into an MOU, where Infinity issues the Completion Guarantee for films to be procured by the Company in the regional languages of South India. This guarantees against the risk of delayed completion of the film to the financier including the over budget funding. These guarantees are fully re-insured by GIC of India. Since the guarantee covers the full completion of film, Infinity also arranges (on best efforts) institutional bank finance to the said films. This MOU covers a minimum of 25 such film projects in the first 12 months from this date. The Completion Guarantee along with full insurance for performance by GIC, adds weight to the transparency brought in by the Company, which offers a paradigm shift for Indian film industry in terms of availability of risk mitigation, structured finance and transparency in film making and financing. This agreement is a major step towards creation of film content supply chain for the Company and in effect indirectly funds close to Rs 300 crores of working capital as off balance sheet funding. This transaction was advised by M/s. Crag Martin Financial Solutions Pvt Ltd, a Mumbai based investment bank with active all India presence.

Under the above agreement, the Company will be launching 25 Tamil Films for this Calendar year. The Government of Tamil Nadu has created a great environment for quality film production and affordable entertainment options to all sections of the population. Taking advantage of this favourable environment and taking the entire film sector into complete transparency, the Company is launching these 25 films, through various credible Production houses.

- The Company signs up with M/s. Asian Integrated Industries Sdn. Bhd. Malaysia to form Pyramid Saimira Theatre Chain Malaysia Sdn. Bhd - 150 Multiplexes across Malaysia.

Source : Equity Bulls

Keywords