Globus Group plans large new movie theater for Jerusalem

The new multiplex is in response to the closing of the company's cinemas at the Malha Mall, under an agreement with mall operator Azrieli Group.

Sources inform ''Globes'' that Globus Group will build a multiplex in Jerusalem at an investment of NIS 20 million. The multiplex will have 20-25 screens, and will be open on Saturdays as well.

The new multiplex is in response to the closing of the company's cinemas at the Malha Mall, under an agreement with the mall operator, Azrieli Group. The vacated space has been converted into an H&M fashion store. Globus Group received NIS 10 million in compensation for vacating the premises.

Globus Group owner Yoram Globus also owns movie theater company Globus Max Ltd. (TASE: GLBS.B1).

Published by Globes [online], Israel business news - www.globes-online.com - on December 3, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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