KARACHI: Cinema operator Cinepax Ltd said on Wednesday it is going to develop 80 new screens across the country over the next four years using fresh investment from Abraaj Group, a UAE-based private equity firm.
Established in 2006, Cinepax currently operates 29 screens in 12 locations. Besides increasing the number of screens 3.75 times by 2021, the company also plans to use liquidity injection from Abraaj to “grow other entertainment-related ventures,” according to a press release.
A separate emailed statement from Abraaj confirmed that the private equity firm has acquired a minority stake in Cinepax. It refused to disclose the amount of investment in the Pakistani company.
The current ratio of cinema screens is only 0.5 per million population, the statement said.
Cinepax General Manager for Marketing Mohsin Yaseen also refused to divulge the investment amount or exact shareholding of Abraaj in the cinema operator.
Cinepax is going to set up cinemas in Sialkot, Multan and Sargodha besides expanding its footprint in major cities like Karachi, Lahore and Islamabad, Mr Yaseen said. “We plan to go into the video-on-demand segment,” he said while referring to a digital service that allows viewers to choose and watch entertainment programmes through an interactive TV system.
This will be the ninth transaction of Abraaj in Pakistan since 2004.
Published in Dawn, October 5th, 2017
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