Dubai PE firm Abraaj invests in Pakistani cinema operator Cinepax

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KARACHI, Pakistan, Oct four (Reuters) – Dubai-based personal fairness agency Abraaj Group mentioned on Wednesday it made an funding in Pakistan’s prime cinema operator, Cinepax, to drive enlargement over the following 4 years.

Abraaj will assist Cinepax in growing 80 new screens throughout a number of places, the personal fairness agency mentioned in a press release.

Cinepax can even develop different entertainment-related ventures, the assertion mentioned, 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 folks and the potential for revitalising the native movie business presents a compelling funding alternative, Abraaj mentioned.

The funding will assist construct confidence amongst worldwide traders concerning the Pakistan movie business, 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 numerous 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 p.c shareholding to the Shanghai Electrical Energy Co Ltd for $1.77 billion. (Reporting by Syed Raza Hassan; Modifying by Amrutha Gayathri)

Our Requirements:The Thomson Reuters Belief Ideas.

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