Pyramid Saimira to offload US, Malaysian assets: Report

Pyramid Saimira Theatre (PSTL), engaged in the cinema business and headquartered in Chennai, has put its US and Malaysian assets on the block. The move comes in the wake of the company facing losses and the proceeds would be used to ramp up its domestic operations, according to a media report.

PSTL has decided to offload its 21 screens, two radio stations, a banquet hall and the magazine for Indian community, part of its US operations. The assets and businesses were acquired by PSTL in 2007, in addition to PSTL’s own assets, the report added.

The company has decided to exit its film distribution and production businesses, and around 14 screens in Malaysia. These businesses are being operated under its Kuala Lumpur-based arm – Pyramid Saimira Theatre Chain (Malaysia) – a 50:50 joint venture with Malaysia’s Asian Integrated Industries.

PSTL has reportedly received a positive response from potential buyers. However, the company was tight-lipped about the names of the potential investors, the report said.