Mumbai: Cineline India launches a new brand “MovieMax” and logo for cinema exhibition operations of the Company. Also, the Board has appointed Ashish Kanakia as Chief Executive Officer (CEO).
The Company plans to monetize the Hotel Asset in Goa, Eternity Mall in Nagpur and Commercial Properties in Kanakia Boomerang owned by the wholly-owned subsidiary of the Company for growth of cinema exhibition business and reduce debt.
Commenting on the same, Rasesh Kanakia, Chairman, said “We are delighted to announce the launch of a new brand ‘MovieMax’ for cinema exhibition operations of the Company. We have already tied up with 75 screens PAN India with over 16,500 seats. We see a clear opportunity and space for an organized PAN India player who can provide a quality experience to consumers with the capability to win developers’ confidence. Over the next few months, we will continue to acquire additional screens PAN India and create a strong consumer-oriented brand in this segment.
The Company is also planning to hive off our Non-Core Business and become an asset-light Company. The Company intends to monetize various assets owned by the wholly-owned subsidiary of the Company for growth of cinema exhibition business and reduce debt. We expect ~Rs. 350 to Rs. 450 crores through monetization of these assets.”