CPL Group Managing Director Mahesh Patel confirms that Paradise Cinemas has been sold to Vision City for an undisclosed sum and they will start managing the cinema business effective June 1.
Patel said that while the move was operationally and market-driven, it also conforms with his previously announced business strategy of CPL Group to shift company focus to the core retail businesses on the 4 pillar strategies in health, food, shelter and lifestyle.
Paradise Cinemas Waigani Central officially closed down last May 30, Wednesday. However, Paradise Cinemas Vision City will remain open but will now be trading under the Vision City management. Waigani Central outlet’s closing leaves Paradise Cinemas in Vision City as the country’s sole full-time multiplex theatre which offers latest blockbuster movies.
“CPL Group has been working with the management team of Vision City for months to ensure that the full legal and consultative process is followed and that all staff are treated fairly. This included some staff who are re-deployed to suitable open positions in the new Paradise Cinemas under Vision City while others were employed by CPL Group in other divisions. We are as focused as we ever have been to see that through,” Patel said.
Patel added “Based on my ongoing talks with Vision City, they are committed to working together to secure the long-term future of the cinema which is a key and unique asset for Vision City Megamall. I believe this transaction provides compelling value for CPL, Vision City and the movie-going public.”
This year, Paradise Cinema’s audiences have been boosted by blockbusters Jumanji: Welcome to the Jungle and Black Panther, with recent big releases including Avengers: Infinity War and Deadpool 2