Pyramid Saimira acquires FunAsia

Pyramid Saimira Theatre Ltd has announced that the 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. The Company plans to set up 60 screens US & Canada by the end of this fiscal. The Company 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 Company's 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 of the Company - "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, Affluent (Per capita of $64,000, 50 percent higher than the overall population’s median household income). Pyramid Salmira 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 holistic 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 the Company in USA is not just film screen entertainment but a wholesome environment including food courts, Banquet halls, and additional modes at 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 the Company to take the multimedia entertainment concept across United States and Canada.

Elara Capital Plc London acted as advisors to PSTL in concluding the acquisition.