Pyramid Saimira expands global footprints by acquiring US based FunAsiA
Becomes the First Indian Theatre Chain to enter US market
Pyramid Saimira Theatre Limited, (NSE: PSTL, BSE: 532791 and SGX: XS0306488890) India’s largest theatre chain company, expanded its global footprint with the acquisition of Texas based FunAsiA today through its subsidiary, Pyramid Saimira Entertainment America, Inc., and will be based out of Richardson, Texas. Pyramid Saimira plans to set up 60 screens US & Canada by the end of this fiscal. Pyramid Saimira also acquired an existing theatre and radio drive-time hours in Chicago and radio time in Houston. This acquisition takes the total number screens under the Pyramid Saimira banner to 703 globally.
This foray in to the US markets enables Pyramid Saimira Group to have exhibition presence across the globe especially where Indian / Asian population has significant presence. It already has operations through local subsidiaries in Malaysia and Singapore.
According to Mr. P.S. Saminathan, Managing Director, Pyramid Saimira Theatre Limited " 'Geography is history' as they say. We are glad to be causing this paradigm shift. According to the U.S. Census Bureau (based on 2000 findings), South Asians in the United States Exceed 2.1 million, making them the sixth-largest U.S. ethnic group educated, Affulent ( Per capita of $64,000, 50 percent higher than the overall population’s median household income). Pyramid Saimira have an aggressive timeframe for bringing the FunAsiA name and entertainment concept to major U.S. and Canadian cities. The concept here is not mere cinema but hiolistic eco system”
FunAsiA complexes include a total of 17 screens with 4,765 seats, The Chicago complex that has been added by , Pyramid Saimira Entertainment America, Inc., will have 6 screens with a seating capacity of 1,763. In Texas, FunAsiA operates Bollywood theaters in Irving and Richardson, and two multiplexes in Houston. The FunAsiA concept is uniquely suited to South Asians in North America, who comprise persons of Indian, Pakistani, Nepali, Bangladeshi and Sri Lankan descent. The concept of Pyramid Saimira in USA is not just film screen entertainment but a wholesome environment including food courts, Banquet halls, and additional modes of mass media, such as a radio channel and a Community Magazine. Pyramid Saimira’s also plans to set up Video Booths at FunAsiA complexes in Chicago, Texas and elsewhere as the expansion proceeds. This video matchmaking service enables couples located thousands of miles apart to see and speak with each other.
Dr. Farrukh, John and Shariq Hamid founders of FunAsiA will be associated with Pyramid Saimira Entertainment America, Inc as its Executive Advisors, assisting Pyramid Saimira to take the multimedia entertainment concept across United States and Canada.
Elara Capital Plc London acted as advisors to PSTL in concluding the acquisition.
Highlights of PYRAMID SAIMIRA’s Q2 results:
• Registers a Q2 turnover of Rs.146 Crores
• Revenues for the 12 months for previous fiscal (FY06-07) is Rs.164.31 crore
• Profit After Tax for Q2 (FY 07-08) is Rs 15.11 crore
PYRAMID SAIMIRA Theatre Limited, India’s First Multinational Entertainment Company registered an impressive turnover of Rs.146 Crore, for the second quarter ended September 30, 2007. The turnover for the 12 month period for the previous fiscal (FY 2006 – 07) stood at Rs.164.31 crores. The net profit after tax was Rs.15.11 crores for the second quarter of 2007-08 as against a PAT of Rs.13.4 crores for the previous fiscal 2006 -07. The Company also added 116 new screens to exhibit movies in this quarter, adding up to a total of 487 screens, nationally. The annualized earnings per share stood at Rs. 22. Seating capacity of the chain increased to 3.23 Lakhs and the chain witnessed a total footfall of 361.97 Lakhs, the average revenue per admission being Rs. 39.83.
The company has multiple subsidiaries in Film production, distribution and international exhibition the results of which have not been included in the above figures.
About Pyramid Saimira
Publicly traded (NSE: PSTL ; BSE: 532791; SGX:XS0306488890) and based in Chennai, India, Pyramid Saimira Theatre Ltd. at present operates 44 multiplexes with 703 screens across India, Malaysia, Singapore, and North America. By 2010, the company plans to operate 175 multiplexes with 2,000 screens in India alone. By its own estimates, Pyramid Saimira ranks as the world’s third-largest cinema operator based on its number of seats and admissions with nearly 435,000 seats as of October 2007. Admissions for the period between July and October 2007 were approximately 53 million.
More information is available at www.FunAsiA.net and www.pstl.in.