The Abraaj Group on Wednesday announced that they have made an investment in Cinepax Ltd. Although the exact amount of investment wasn’t disclosed, it will help the leading cinema operator in Pakistan to expand their business.
According to the press release, the fund from Abraaj Group will help Cinepax grow in Pakistan over the next four years. Using the funds, Cinepax plans to add 80 new screens by constructing various new cinemas in the country in multiple locations.
The funds will also allow Cinepax to build cinemas that will meet international standards of multiplex cinemas in the world. One of the primary reasons Abraaj Group is investing in the cinema company is to enable more jobs for the people in the country.
Cinepax will also explore digital media services in the form of video streaming on the internet. There is a chance the company may launch their own streaming services to fight back growing competition from iFlix and Netflix in Pakistan.
Cinepax has also announced to explore more entertainment opportunities in the country.
About Cinepax Cinemas
Cinepax Ltd is the leading cinema operator in Pakistan with over 29 screens across the country. The company was formed in 2006 and launched their first multiplex in 2007. Since then the cinema has rapidly expanded to various cities of Pakistan including Karachi, Rawalpindi, Gujranwala, Hyderabad, and Murree.
The company is expected to launch another multiplex in Sialkot in the coming few weeks.
About Abraaj Group
The Dubai based Abraaj Group has been active in Pakistan since 2004. This is the 9th investment the company has made in Pakistan.
Other investments by Abraaj Group include investments in renewable energy, healthcare, power distribution, industrials and more.