KARACHI Dubai-based non-public fairness agency Abraaj Group stated on Wednesday it made an funding in Pakistan’s prime cinema operator, Cinepax, to drive growth over the following 4 years.
Abraaj will assist Cinepax in growing 80 new screens throughout a number of places, the non-public fairness agency stated in a press release.
Cinepax will even develop different entertainment-related ventures, the assertion stated however didn’t reveal the worth of the funding.
Cinepax, which launched its first multiplex in 2007, has since established itself because the market chief within the nation, boasting 29 screens in 12 places.
Pakistan’s present low ratio of cinema screens of zero.5 per million individuals and the potential for revitalising the native movie trade presents a compelling funding alternative, Abraaj stated.
The funding will assist construct confidence amongst worldwide traders in regards to the Pakistan movie trade, Nadeem Mandviwalla, head of a personal Pakistani movie distribution firm and proprietor of a number of cinema screens instructed Reuters.
Cinepax marks Abraaj’s ninth funding in Pakistan spanning plenty of sectors together with healthcare, energy distribution, renewable power, and industrials.
Abraaj, which purchased a majority stake in 2009 in energy utility Okay-Electrical, agreed in October 2016 to divest the 66.four per cent shareholding to the Shanghai Electrical Energy Co Ltd for $1.77 billion.
