Pyramid Saimira to open 150 theatres in Malaysia

New Delhi, Feb 13 (UNI) Cinema operator Pyramid Saimira Theatre today said it has made an international foray by entering Malaysia, where it will open 150 theatres to be operated within a year.

It has signed up Asian Integrated Industries Sdn Bhd Malaysia to form Pyramid Saimira Theatre Chain Malaysia Sdn Bhd, which will own the multiplexes across Malaysia.

The company expects these centres to generate a turnover of 300 million dollars per annum.

Pyramid Saimira also entered into an agreement to with Infinity Film Completion Services, a division of Mumbai-based Infinity India Advisors Pvt Ltd, to launch 25 Tamil films in south India in this calender year.

This will cost Rs 200 crore Chairman V Natarajan said.

Under the agreement, Infinity will issue the 'completion guarantee' against the risk of delayed completion and the change in funding thereon.

''These guarantees are fully re-insured by GIC of India. Since the guarantee covers the full completion of film, Infinity also arranges (on best efforts) institutional bank finance to the said films,'' a company statement said.

This agreement is a major step towards creation of film content supply chain for Pyramid Saimira and in effect indirectly funds close to Rs 300 crore of working capital as off balance sheet funding.

UNI