Q.Media and Qatar Cinema in QAR2bn Acquisition Deal

Doha, June 20 (QNA) - Qatar Media Services LLC (q.media) and Qatar Cinema and Film Distribution Company (QCFS) have agreed to an acquisition deal worth nearly QAR2bn after talks lasting more than 10 months, according to a joint statement released on Monday.
The acquisition deal sees Qatar Cinema s capital rise from QAR 51,907,400 to QAR129,699,640 through the issuance of 7,778,324 shares valued at QAR10 per share. Q.media will own 60% of Qatar Cinema s share capital after the acquisition, the joint statement said.
HE Chief Executive Officer of q.media Sheikh Alhussain Bin Ali Bin Ahmed Al-Thani, "After significant study and planning, we have decided to invest more than QR1billion in the next three years to open more than 50 state-of-the-art multiplex facilities equipped with the latest technology in the field."
"Our investment in the cinema sector will not be limited to the State of Qatar," added H.E. Sheikh Alhussain, "We are also eagerly studying opportunities for investment outside of Qatar."
The two companies are currently involved in negotiations with mall owners to explore possible locations for opening new cinematic facilities. Following the acquisition, both companies also intend to establish a number of multiplex entertainment facilities, and have initiated talks with top international designers from the United States to create innovative state-of-the art cinemas, incorporating the latest cutting-edge technical and technological equipment in the field.
Throughout their work, Q.media and Qatar Cinema are united in their commitment to creating job opportunities for Qatari youth to pursue employment and training in cinema management.