EURASIA Cinemas, a newly created cinema holding controlled by A1 Group acquired a 51.9 percent majority stake in the largest Turkish cinema chain AFM Cinemas for $28.5 million, reports Turkish Daily News. A1 Group is the key investment division of Alfa-Group consortium in Russia.
According to the AFM company management, the Turkish box office reached $170 million in 2007. AFM Cinemas sold 5.8 million cinema tickets or 22 percent of total 31 million tickets sold in Turkey in 2007. The company owns 32 cinema theaters with 183 screens in 12 cities nationwide. AFM Cinemas is the first and the only entertainment company in Turkey listed on Istanbul Stock Exchange since October 2004.
A1 Group acquired Kronverk Cinema multiplex chain in St. Petersburg of Russia in 2006. EURASIA Cinemas will now include 43 cinema theaters with 244 screens in Russia, Turkey, and Ukraine.