GV Films to acquire Multiplex Theatre in Singapore

GV Films Ltd has announced that the Board of Directors of the Company at its meeting held on December 23, 2006, inter alia, has transacted the following:

Acquisition of Theatre Overseas:

The Board considered the proposal for acquiring a multiplex theatre in Singapore and has approved the same. The theatre is on the beach Road in the main market area and has 5 screens with a seating capacity of about 1300 persons. The Board has formed a committee to go in to the details and conclude the transaction.

Joint Venture for Webcasting Division:

The Board considered the option of a Joint Venture with commercial exploitation of the webcasting business and has deferred the decision of forming a Joint Venture for Webcasting business.

Appointment of Deloitte Haskins & Sells for Financial Restructuring:

The Company has appointed Deloitte Haskins & Sells an international consultancy firm to advise on the different risk and reward relationships and growth opportunities for the three main divisions of the company viz., Film Production and Distribution, Film Exhibition through theatres and Multiplexes and the Web casting Division.

Source : Equity Bulls

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