Business

Pyramid Saimira acquires U.S. firm

CHENNAI: Pyramid Saimira Theatre Ltd., (PSTL) a Chennai-based movie theatre chain, has acquired FunAsia of Texas, which operates multimedia entertainment venues in Houston and Dallas, marking its foray into the U.S. market. P. S. Saminathan, Managing Director, PSTL, told presspersons here on Wednesday that the acquisition, an all-cash deal, was made through the company’s subsidiary, Pyramid Saimira Entertainment America Inc. The company intended to establish 60 screens in 15 locations in the U.S. and Canada, and 1,000 screens globally, by the end of the current fiscal. PSTL has operations in Malaysia and Singapore through subsidiaries.

PSTL was also planning to enter the food and beverages segment by opening ten food courts across the country over the next six months, Mr. Saminathan said. “We are looking at a brand acquisition to leverage our food and beverage business and will consider floating a subsidiary when the time is right,” he said, adding that the first ‘Cafe Pyramid’ food court was already operational in Faridabad, Haryana.

The theatre chain had posted revenues of Rs. 123 crore and Rs. 146 crore respectively in the first two quarters of the current financial year and targeted Rs. 650 crore by the end of the fiscal, the Managing Director said. PSTL also added 116 new screens to exhibit movies in the second quarter and now had 487 screens across India. The seating capacity increased to 3.23 lakh and the company witnessed a total footfall of 361.97 lakh, the average revenue per admission being Rs. 39.83, Mr. Saminathan said.

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