Abraaj will support the company in establishing international standard multiplex cinemas in the new and upcoming locales, and will actively assist with job creation and training of multiplex staff, it said in a statement.
With the latest investment, Cinepax plans to develop 80 new screens across multiple locations over the next four years and also grow other entertainment related ventures, it added.
“Our investment into Cinepax demonstrates our faith in the opportunity that Pakistan’s young growing population and expanding middle class represents. As one of the most active investors in Pakistan, with a strong on-the-ground presence, we see a long-term market opportunity in the cinema operator and video streaming business,” said Omar Lodhi, Partner for Asia at The Abraaj Group.
Arif Baigmohamed and Pir Saad Ahsanuddin established Cinepax in 2006 and launched their first multiplex in 2007. Since then, the company claims to have established itself as the market leader and currently has 29 screens in 12 locations.
“..We continue to see an opportunity to further expand our footprint in not only our core cinema exhibition business, but also new related opportunities, including the digital video space. We are also committed to supporting local talent and the film making industry,” Baigmohamed said.
The Abraaj Group has been present in Pakistan since 2004. This transaction marks the group’s ninth investment into Pakistan across a number of sectors including healthcare, power distribution, renewable energy and industrials. Globally, it currently manages $11 billion across targeted investment strategies.