Karachi – Dubai based private equity firm Abraaj Group made an investment in Pakistan’s top cinema operator, Cinepax, to drive expansion over the next four years, on Wednesday.
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According to a statement issued by the private equity firm, the Group will help Cinepax in developing 80 new screens across multiple locations. Cinepax, along with 80 new screens, will develop other entertainment-related ventures. All these new ventures will be developed by the cooperation of Abraaj Group, however, the value of investment is kept a secret.
Cinepax launched its first multiplex in 2007 and ever since then established itself as the market leader in the country, boasting 29 screens in 12 locations. Pakistan’s current low ratio of cinema screens of 0.5 per million people and the possibility of revitalising the local film industry presents a compelling investment opportunity.
Cinepax marks Abraaj’s ninth investment in Pakistan in diverse sectors including healthcare, power distribution and renewable energy. These investments by Abraaj Group will encourage other foreign investors to invest in Pakistan.