The Abraaj Group, a leading investor operating in growth markets, announced it has invested through its fund, in Cinepax Limited, Pakistan’s leading cinema operator.
Arif Baigmohamed and Pir Saad Ahsanuddin established Cinepax in 2006 and launched their first multiplex in 2007. Since then, the company has established itself as the market leader and today has 29 screens in 12 locations. With Abraaj’s investment, Cinepax plans to develop 80 new screens across multiple locations over the next four years and also grow other entertainment related ventures, said a statement.
Pakistan’s entertainment industry has significant growth potential, underpinned by strong demographic drivers, positive changes in regulatory frameworks, and a growing number of malls that can support cinema multiplexes. In addition, the current low ratio of cinema screens (0.5 per million population) and the opportunity to revitalise the local film industry represent a compelling investment rationale.
Abraaj will support the company in establishing international standard multiplex cinemas in new and upcoming locales. The group places a high priority on environmental, social and governance considerations and will actively assist with job creation and training of multiplex staff, as well as strengthening governance and operational efficiencies to achieve best-in-class operating standards, he said.