Skycity sells cinema business to Australian operator

Published: 5:51PM Tuesday November 24, 2009 Source: NZPA

Casino operator Skycity Entertainment Group Ltd is selling its cinema business for $59 million.

The buyer is Australia-based cinema operator Amalgamated Holdings Ltd (AHL).

The business being sold includes a joint venture interest in the Rialto group and joint venture interests in Fiji.

It excludes Skycity's 50% share of Vista Entertainment Solutions Ltd, cash deposits and freehold and long-term leasehold land and buildings.

The deal is expected to be completed on February 15. It is conditional on

due diligence by AHL and regulatory approvals.

Chief executive Nigel Morrison said the company was divesting a non core business.

Skycity shares were up 7c at 338 in trading on Tuesday afternoon.

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