Multiplex Opening in Sosnowiec
The third Cinema City multiplex opened in Poland this year
Cinema City International N.V. (“Cinema City”) reported today the opening of its 21st multiplex in Poland in the city of Sosnowiec. The facility has 6 screens and 847 seats. The cinema will be part of the new Shopping Mall - Sosnowiec Plaza.
'We are implementing our investment strategy according to plan' said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central & Eastern Europe and Israel. 'Since the beginning of this year, we took over a multiplex in Poznań in January, and in mid-March we opened a cinema in Rybnik. Now is the time for Sosnowiec, which is the next step in our strategy for Poland. After covering the largest cities in the country, we are now expanding into medium-sized cities with a population of over 100,000. These cities still lack a modern cinema infrastructure.'
The multiplex in Sosnowiec (a population over 225,000) is the fifth Cinema City multiscreen theatre in Silesia and the twenty first in Poland.
The multiplex is located in a facility under a long-term lease. The funds spent on this investment were primarily sourced from the Company’s own funds and from the funds raised in its initial public offering.
Cinema City currently plans to open two more multiplex theatres in Poland (alongside investments in other countries where the Company operates) before the end of the year: in Lublin and Gliwice.