Indian cinema company to bring big screens to Myanmar
INDIAN film entertainment company PVR Cinemas has agreed to form a joint venture with local cinema developer Maze to build 400 movie houses in small towns across Myanmar over the next few years, its local partner said.
The two companies will apply to the Myanmar Investment Commission for permission to build the screens, U Tin Maung Win, chief executive of Maze, told The Myanmar Times.
The joint venture, called Paradiso Cinemas Company, is owned 60 percent by Maze and 40pc by PVR Cinemas, he said. The company was registered with the Directorate of Investment and Company Administration on August 19.
“Even though our foreign partner will support us with financing and technology, local cinema developer Maze will lead the operations. Initially we planned to build 100 movie theatres as previously announced, but now we aim eventually to build up to 400 cinemas,” he said.
When actor U Lwin Moe established Maze at the start of July he held a press conference to announce a K20 billion two-year project to build 100 cinemas across the country. KBZ Group has offered a K20 billion loan, which will cover the construction expenses and land acquisition for the first 100 cinemas, while each cinema will cost around K200 million to build.
There were more than 400 cinemas nationwide in the early 1980s, but by the 2010s this had dropped to around 40, U Lwin Moe previously said.
The first cinema will be built in Yangon Region’s Hmawbi township, said U Tin Maung Win, who will be CEO for Paradiso Cinemas.
“We are starting to build in Hmawbi and after that we will build in Aungban [in Kalaw township in southern Shan State]. The size of the cinemas will not be big,” he said.
Each cinema will be 60 by 80 feet, with two storeys at the front of each building and one at the back. Each screen will have 316 seats.
The new cinemas will use Dolby digital sound systems, while local firm Clover Solution will install US$6 million in cinema equipment made by Brussels-based technology firm Barco.
Clover Solution managing director U Zin Aung Soe previously said each projector will cost between $30,000 and $40,000 to install.
Yangon Region will enjoy the most new cinemas, with Mandalay, Bago and Ayeyarwady the next biggest recipients. “We will hold most of the shares, though we will receive foreign investment. The foreign partner will offer advice and help with financing,” U Tin Maung Win said.
Details about the level of financing and supporting technology will be announced at a later date, he said. PVR Cinemas, which hails from New Delhi, has more than 20 years of building cinemas in India with more than 570 screens across the country.
– Translation by San Layy