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A1, the key investment division of Russian consortium Alfa Group, has purchased a 55.66% stake in cinema chain Formula Kino, A1 said in a statement. The value of the deal was not disclosed.
Formula Kino operated 14 movies with 90 screens as of December 31, 2011, while Kronwerk Cinema chain, controlled by A1, comprised 19 cinemas with 130 screens in Russia and Ukraine.
In 2012, it is planned to open at least six new movie theatres with 56 auditoria—in Saint-Petersburg (three movie theatres), Krasnodar, Ryazan, and Syktyvkar.
The acquisition of Formula Kino is designed to help A1 attain leadership in Russia's largest cities, Moscow, St. Petersburg and Novosibirsk, A1 President Mikhail Khabarov commented.
In regard to the future development of film presentation in the Russian market, the plans of À1 provide for the creation of a leading company, complying with the highest international standards of corporate governance, as well as with the modern requirements for film presentation technologies and audience-attracting services.
Author: Irina Fomina
