Vanguard
26 November 2008
SILVERBIRD Group has announced the acquisition of Kenya's foremost and most valuable entertainment business, Nu Metro.
Also, the group says it has started operations in Ghana at the prestigious Accra Mall while it is laying the groundwork for operations in Zambia with the signing of a lease at the re-modeled Manda Hill Shopping Centre for a planned opening in 2010.
The assets in Kenya, according to a statement signed by the group's President, Mr Roy Murray-Bruce, comprise four state-of-the-art Cineplexes, with a total of 18 luxury theatres, and two media stores selling the latest books, music, apple computing and filmed entertainment products, while in Ghana, Silverbird has established the country's first-ever Cineplex of five theatres fully equipped to international standards and with Dolby digital surround sound and contiguous with a media store.
According to the statement, "in addition to Silverbird's extensive Nigerian entertainment assets in Lagos, Abuja, Uyo, Port Harcourt, Jos, Owerri, Awka and Yenagoa, the Silverbird Group, with this investment, is now positioned as the third largest entertainment conglomerate in Africa.
The Group is finalising the launch in December 2008 of media stores in Lagos and Abuja and has taken-over the Nu Metro Cinema at Ceddi Plaza, Abuja for relaunch in the same month. In April 2009, Silverbird will launch a further 12 screens planned for Abuja at its flagship Entertainment Centre.
These latest developments will support Silverbird's aspiration for market dominance in this field in Africa."
The Group's Executive Chairman, Mr Ben Murray-Bruce, was quoted as saying: "Silverbird's recent offshore acquisitions and expansion were made possible by forward-looking partnerships with businesses and individuals in South Africa, Zambia and Ghana, allied with two of Nigeria's finest financial institutions, Union Bank and FCMB Bank Plc.
"This collaboration will enable Silverbird to improve the delivery of quality entertainment in Africa.
This strategic intra-continental partnership is an expression of the goal of the founders of NEPAD for greater trade and collaboration between African countries, as well as sustained economic integration in pursuit of the attainment of the 'African Dream'," he said.
Silverbird has also pledged to continue to develop Nigerian interests across Africa. "After Zambia, the Group has set its sights on expansion into Uganda and Tanzania," the statement added.
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