Mukta Arts Bahrain-based subsidiary receives funding from Indian Film Distributor
Mukta Arts Ltd has informed the exchange regarding Mukta A2 Multiplex S.P.C. (Bahrain) the wholly owned subsidiary of the Company.
The Company is operating a Six Screen Multiplex at Juffair Mall, Bahrain.
Further, the Company is aiming to expand its activities and now completing Fit-Outs at 10 Screen Property at Dana Mall, Bahrain on Project Consultancy basis and shall also be operating the same.
The Bahrain Subsidiary is also looking for expanding its activities in Saudi Arabia where the Kingdom has now started permitting Cinema Theatres to operate.
In order to meet the cash flow requirement for the same, the Company has obtained equity funding from well-known Indian Film Distributor Company, A. A. Films Ltd.
Accordingly, the status of Bahrain Company will be changed from Wholly Owned Subsidiary to Partly Owned Subsidiary. Both Mukta Arts Limited and A. A. Films Private Limited have agreed to bring in further capital funding if needed.
At around 3:18 PM, Mukta Arts was trading at Rs29.15 per piece up by Rs1.15 or 4.11% on the BSE.
Date : 6th May 2021
Source: indiainfoline.com