Indian Multiplex operator, Pyramid Saimira Theatre Limited (PSTL) has announced that the company has finally entered the Chinese market.

The company has signed a Memorandum of Cultural Cooperation with CSMRB, Ministry of Culture, Government of People’s Republic of China to enter the Chinese market.

As a result a new joint venture, “Jiangsu Pyramid Longzhe Group” has been formed to operate theatres and distribute films and engage in other entertainment / arts and cultural activities in China.

The MOU between PSTL and CSMRB was signed at Beijing, in the presence of top delegate from the Chinese government.

Earlier this week, Chennai-based, Pyramid Saimira’s shareholders, at its extraordinary general meeting held on March 14, 2008, approved the proposal for raising additional funds through FCCB / GDR / ADR up to USD 400 million.