Pyramid Saimira is buying UK multiplex chain  ( July '16,2008, DNA)

Pyramid Saimira is likely to acquire a UK-based multiplex chain for around $60 million.

P S Saminathan, managing director, Pyramid Saimira Theatre Ltd said, “We are likely to make an announcement on the multiplex chain acquisition in another 15-20 days... It is likely by the first week of August.”
In January, Pyramid Saimira had acquired a majority stake in UK-based video games and interactive entertainment software company Aurona Technologies.
Saminathan currently holds 24% stake in Pyramid Saimira. To a question, he said, “I would like to maintain it (stake) around 40%.”
Asked if he plans to come out with an open offer as he has crossed the 15% limit, Saminathan said, “I have applied to Securities and Exchange Board of India seeking an exemption for that.”
Under Sebi guidelines, an acquirer intending to buy 15% stake or more in a company has to make a mandatory open offer for 20% more to other shareholders.
Pyramid Saimira also plans to raise around $75 million for funding its expansion plans.
“We may raise $75 million, mostly through debt. We may not take the equity route as markets are in a bad shape,” he said.
Pyramid Saimira Theatre, part of the Pyramid Saimira group, currently has over 53 multiplexes with around 800 screens across India, Malaysia, Singapore and North America.
By 2010, it plans to have 175 multiplexes with 2,000 screens in India alone.