80 new cinemas to be established with Abraaj Group investment

KARACHI: The Abraaj Group, a leading investor operating in growth markets, announced that it has invested through its Fund, in Cinepax Limited, Pakistan's leading cinema operator.

With this investment, Cinepax plans to develop 80 new screens over the next four years, says a statement issued here on Wednesday.

It pointed out that Arif Baig Muhammad and Pir Saad Ahsanuddin had established Cinepax in 2006 and launched their first multiplex in 2007. Since then, the Company has established itself as the market leader and today has 29 screens in 12 locations.

With Abraaj's investment, Cinepax plans to develop 80 new screens across multiple locations over the next four years and also grow other entertainment related ventures.

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.

Commenting on the transaction, Omar Lodhi, partner for Asia at the Abraaj Group, said: `Our investment into Cinepax demonstrates our faith in the opportunity that Pakistan's young growing population and expanding middle class represents.

This group is increasingly seeking improved entertainment options,which Cinepax is ideally positioned to provide.

As one of the most active investors in Pakistan, with a strong on-the-ground presence, we see a long-term market opportunity in the cinema operator and video streaming business.