Pyramid Saimira signs deal to start multiplex chain in China

Marking its entry into the Chinese market, multiplex operator Pyramid Saimira Theatre (PSTL) has signed a memorandum of cultural cooperation with China Society of Music Research Board (CSMRB), Ministry of Culture, Government of People's Republic of China.

The agreement is aimed at promoting cultural cooperation between India and China. PSTL will bring cultural specialists in the field of arts, film, TV, music and dance. CSMRB will offer policy guidelines and business consultations for PSTL's foray in China's cultural industry.

Further to the agreement above, Pyramid Saimira has formed a new joint venture company with the Longzhe Group under the name of Jiangsu Pyramid Longzhe Group.

The JV, supported and approved by CSMRB, has been formed to operate theatres, distribute films and explore other entertainment activities in China.

P S Saminathan, MD, Pyramid Saimira Group, said, "It is a matter of great pride for our company to sign the agreement with CSMRB. It is a great honour to get an entry into China's growing culture & entertainment industry. Given the growing affordability of the population and the willingness of the new generation to explore multi-faceted entertainment products and services, China promises great entertainment potential."

The MOU between PSTL and CSMRB was signed in Beijing in the presence of top delegates of the Chinese government.

The company plans to create a chain of theatres, food courts, gaming parlours and other entertainment services.

"We will bring international content to China and also showcase local Chinese content across the world," Saminathan added.