IMAX (NYSE:IMAX) announced Monday that it has signed agreements to open three new IMAX theatre systems in Russia. New partner Kronverk Cinema has already opened one of the theaters in Syktivkar. Kinomax will install an IMAX theatre (its sixth such) in Moscow. Finally, Formula Kino will be opening one -- its third -- in St. Petersburg.
IMAX says it now has a presence among all six of the top cinema chains in Russia.
Despite the good news, IMAX shares declined along with the rest of the market Monday, falling 2.2% to close at $24.02.