The cinema trend is in its full boom right now in Pakistan, everyday there are fully booked shows that are screened in cinemas and getting a ticket to the latest movie is a challenge in itself. One of the leading cinema operators in the country is Cinepax with 29 screens in 12 locations across eight cities, the cinema was launched by Arif Baigmohamed and Pir Saad Ahsanuddin in 2006 and launched their first multiplex in 2007.
Cinepax is in plans to add 80 new screens in the next four years and growing its video streaming business. Abraaj Group is a Dubai based global institution that invests in select markets across Africa, Asia, Latin America, the Middle East and Turkey; have decided to invest in Cinepax and help the cinema triple in size.
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According to statement from Abraaj Group on their website,
“Abraaj will support the Company in establishing international standard multiplex cinemas in new and upcoming locales. The Group places a high priority on environmental, social and governance considerations and will actively assist with job creation and training of multiplex staff, as well as strengthening governance and operational efficiencies to achieve best-in-class operating standards.”
Chairman of Board Cinepax Arif Baigmohamed on the partnership said,
“Since our company was founded 10 years ago, we have grown to 29 screens in 12 locations, and continue to see an opportunity to further expand our footprint in not only our core cinema exhibition business, but also new related opportunities, including the digital video space. We are also committed to supporting local talent and the film making industry. The Abraaj Group holds an impressive track record in the consumer sector, having taken companies like ours to the next level of growth and evolution. We are delighted to welcome Abraaj as an investor into our business and look forward to partnering together to reach more people across the country, providing much needed entertainment options.”
This transaction marks Abraaj’s 9th investment in Pakistan across a number of sectors including healthcare, power distribution, renewable energy and industrials.