Pyramid Saimira Theatre rose nearly 3% to Rs 137.60 at 13:41 IST on BSE on reports the company is close to acquiring UK’s oldest theatre chain Reel Cinemas, earlier Associated British Cinemas or ABC, for around Rs 200 crore.
The stock hit a high of Rs 147.50 and a low of Rs 136 so far during the day. The stock had hit a 52-week high of Rs 551 on 31 December 2007. It had hit a 52-week low of Rs 130.50 yesterday, 27 August 2008.
On BSE, 4.01 lakh shares were traded in the counter. The scrip had an average daily volume of 4.06 lakh shares in the past one quarter to 22 August 2008.
The company has an equity capital of Rs 28.28 crore. Face value per share is Rs 10.
The current price of Rs 137.60 discounts the company’s Q1 June 2008 annualised EPS of Rs 19.09, by a PE multiple of 7.20.
Pyramid Saimira Theatre (PSTL) has already completed the due diligence exercise for Reel Cinemas few weeks ago and the deal is expected to be announced shortly, reports suggest.
Reel Cinemas has been operating in the UK for the past 70 years with a chain of 51 theatres. It has operations mainly in tire II and III cities of Great Britain and has gone through several changes in management control
PSTL operates in 6 countries. Its diversified businesses include exhibition (theatre), film and television content production, distribution, hospitality, food & beverages, animation and gaming and cine advertising.
Last year, PSTL had acquired the US-based theatre chain FunAsia of Texas, which operates multimedia entertainment venues in Houston and Dallas. It marked its foray into the US market.
PSTL’s net profit declined 15.7% to Rs 13.50 crore on 103.9% jump in sales to Rs 250.15 crore in Q1 June 2008 over Q1 June 2007.
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