Imax Kenya’s iconic 20th century plaza is set to be taken over by auctioneers over rent defaulting.
An announcement circulated on the local newspapers, ideal auctioneers – a local auctioneering agency, shows assets belonging to Arfa Arfa Limited –the managers of the theatre –will be subjected to a public auction on July 15.
Some of the properties itemised for auction include as assortment of movie theatre equipment; retractable seats, projectors, TV sets, power backup units and roof & wall mounted speakers.
“The order for sale of the property by our clients (landlord) are over accrued arrears over a period amounting to more than Sh 8 million,” Mr Paul Githirwa from Ideal Auctioneers noted.
The wider cinema industry across the wold is facing a challenging time due to COVID-19, the scheduled auction on the cinema’s assets reflects the struggle they are experiencing.
The industry has seen the shutting down of cinema and movie theatres. Festivals have been stopped while movie shows have been rescheduled or cancelled.
The shutting has led to a drop in profits as movie creation has further been halted.