Pyramid Saimira acquires FunAsia, USA

Pyramid Saimira Theatre Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2007, inter alia, has taken record the agreements entered into by the Company with M/s. FunAsia, USA, for the acquisition of 17 Screens in 4 locations in USA. The acquisition consisting of 6 Screens in Dallas, 11 Screens in Houston, 3 Banquet Halls in Dallas and a Radio Station. This is in addition to the Company's foray into Malaysia and Singapore. The Board of Directors also approved the Confidentiality Agreement entered into with them.

The Board of Directors of the Company received the Unaudited (Provisional) accounts from the Audit Committee and after brief discussions, decided to adjourn the meeting to October 31, 2007.

Further the Company has informed that, the Board of Directors decided to adjourn October 31, 2007, to consider the remaining points of the Agenda.

The Stock closed the day at Rs.297.70, up by Rs.12.55 or 4.40%. The stock hit an intraday high of Rs.299.80 and low of Rs.280.

The total traded quantity was 89417 compared to 2 week average of 71402.

Source : Equity Bulls

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