FILMHOUSE OPENS MORE CINEMAS

In addition to its existing four outlets, the management of Filmhouse Cinemas has announced its readiness to open 15 new cinemas outlets from December.

Co-founder and Managing Director of the company, Kene Mkparu, told newsmen in Calabar, Cross River State, during the just-concluded Africa International Film Festival (AFRIFF) about a new deal with African Capital Alliance (ACA). The deal, according to him, is to establish five new cinemas before the end of December and additional10 outlets by 2015, and then about four outlets yearly from 2016.

Mkparu’s words confirmed ACA’s earlier announcement of its investments into Filmhouse Cinemas and Film One, its associated film production and distribution company, which described the latter as the fastest growing cinema chain in Nigeria with a great team.

ACA is currently investing out of its third fund (CAPE III), a $400 million private equity fund.

Speaking on Filmhouse and Film One’s growth prospects, ACA Partner Paul Kokoricha said, “Despite Nigeria having one of the largest film industries in the world the cinema space is largely untapped. The world over, cinema exhibition and film distribution are key segments of the film industry and the main drivers of economic value in the sector. We are looking forward to partnering the team to deliver on the promise of the sector.”

Filmhouse’s current cinemas include, Leisure Mall, Surulere, Foreshore, Ikoyi and Apapa in Lagos; Marina Resort, Calabar, Cross River State; Heritage Mall Dugbe and Samonda in Ibadan, Oyo State; 1st Avenue and Asaba Grand Hotel in Asaba, Delta State; Kano, Kano State and Port Harcourt, Rivers State.