Pyramid Saimira Signs JV To Set Up A Chain Of 150 Multiplexes In Malaysia

Pyramid Saimira Theatre Ltd has announced a tie-up to initially set up a Theatre Chain in Malaysia with 150 Multiplexes and single screen theatres spread all over Malaysia along with M/s. Asian Integrated Industries Sdn. Bhd having its office at Kuala Lumpur, Malaysia - a Company totally focused on Film distribution (Indian, Hollywood, Malay and Chinese Content), real estate and real estate related activities.This new Joint Venture (JV) will be called as Pyramid Saimira Entertainment Malaysia Sdn Bhd (subject to approval of concerned authorities) in which both of them shall hold 50%- 50% each.The current exhibition market of Malaysia is estimated at 6000 million INR (500 million RM), growing at the rate of 20% annually. The investment in the proposed JV will be 2400 million INR (200 million RM) in which both the parties will contribute equally. The goal is to achieve this in next 2/3 years. To begin with the JV is acquiring 3 screen Multiplexes immediately. The new JV will be operating 10 Multiplexes by March 2007.The new JV will distribute Hindi, Tamil, Telugu, Kannada and Malayalam movies, Chinese & Hollywood films and other contents across Malaysia on theatres / DVD / DTH and other method of exploitation.The new JV will create an Eco system for local Malay, Tamil and Chinese film production using local talents and to be a catalyst in distributing the same both inside Malaysia and outside Malaysia.The Company, pioneers of Digital technology in India, will provide the back-end resources to the JV for Digital display of contents in Malaysia by leveraging its domain expertise and infrastructure currently being established in India.The Company will also try to exploit all the upcoming community centers in Malaysia by operating theatres as well as convention halls with video conferencing and Family Entertainment.