Pyramid Saimira inaugurates its first ever cineplex in China

Mumbai, Sep 17 (UNI) Pyramid and Longzhe Culture and Theatre Limited, China (PLCTL), the newly formed joint venture between India's Pyramid Saimira Theatre Limited (PSTL) and Longzhe Group supported by the China Society of Music Research Board (CSMRB), has launched its first ever theatre Huainan Pyramid Longzhe Theatre Entertainment Tower (HPLTET) in Huainan China.

The theatre was inaugurated yesterday by PLCTL Director Mrs Uma Saminathan with the mayor of the Huainan Ms Sun Quan Yu and CPC secretary Mr He Xiao Xiang. The first film to be run here is RED Rock a very popular film in China.

Mrs Uma said, ''This is a very prestigious moment for us. HPLTET is just a sign of emergence of growth in formal entertainment sector in China. Our main aim is to provide the people of China with international standards of our entertainment, hospitality, theatres, music, films, cultural events, training setup in film and drama would be a symbol of that.'' In a statement, issued here today, COO of Pyramid Saimira's Mr Venkat said, ''We always knew that China has a huge potential market to tap and after signing the historic deal with the CSMRB, we initiated work at a very brisk pace. HPLTET is one in a series of six more entertainment towers which would be launched by the PLCTL by December 08.'' The Joint Venture would invest USD 30 million in term of Indian rupee Rs 150 crore for the next 6 months in China. Pyramid Saimira and CSMRB had signed a cultural cooperation agreement, which had paved the way for this business launch, in March 2008. The group is all set to launch 25 more theatres which are all in prominent locations apart from seeding other facets of the entertainment business.

Next in line for Pyramid and Longzhe Culture and Theatre Limited, is Liyang Pyramid Longzhe Theatre Entertainment Tower in Liyang, which is spread over 3500 square feet. This cineplex, which consists of four screens, would be ready by November 2008.

UNI AR ZA SW KP1449