Thursday, March 20, 2008

Richardson-based Pyramid Saimira Group expands into China

By Pegasus News wire

RICHARDSON — Pyramid Saimira Theatre Limited, the parent company of Richardson, Texas-based FunAsiA, has now entered the highly regulated entertainment industry in China. The China Society of Music Research Board (CSMRB), Ministry of Culture, Government of China and India’s Pyramid Saimira Theatre Limited (PSTL) has signed an arts & cultural cooperation agreement by which CSMRB and PSTL will take many measures to promote cultural cooperation between India & China. PSTL will bring cultural specialists in the field of Arts, Film, TV, and Music & Dance. CSMRB will also offer policy guidelines and business consultations for PSTL’s foray in China’s cultural industry.

Photo not provided by FunAsiA

Some ancient customs of the people of Richardson will not be tolerated, however

Further to the agreement above, a new joint venture company Jiangsu Pyramid Longzhe Group supported and approved by the CSMRB, which is under the Ministry of Culture of the People’s Republic of China, has been formed to operate theaters, distribute films and engage in other entertainment/arts & cultural activities in China.

Mr. P S Saminathan, MD, Pyramid Saimira Group, said, “It is a matter of great pride for our company to sign the agreement with CSMRB and a great honor for Pyramid Saimira Group to enter into China’s highly regulated growing cultural & entertainment industry. Pyramid Saimira has always believed in rapid growth and expansion in unchartered territories. Given the growing affordability of the entire population and the willingness of the new generation China has great entertainment potential to avail of multi-faceted entertainment products & services. We will create a huge theater chain/food courts/gaming parlors and offer other entertainment services as well as bring international content to China and also showcase and market local Chinese content across the world. This entry will strengthen the growing exhibition & content business of our group and in a very short time make us the largest exhibitor in the world.”

Mr. Venkat, COO of Pyramid Saimira Group’s Chinese venture, said, “We plan to add one screen every working day in mainland China and will also focus on non-box office revenues as well. We are extremely glad to partner with the Chinese government as well as the Jiangsu Longzhe Group, Nanjing, P R China in a quest to create a large world class entertainment network in China.”

Expressing her happiness after the signing agreement between Jiangsu Pyramid Longzhe Group and CSMRB, Ms. Li, the legal representative, Jiangsu Longzhe Group, said, “We aim to provide international quality entertainment with the support of the CSMRB to make this cultural exchange a grand success.”

Source: FunAsiA

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• Asia / Asian-American > China