Times Media Group is set to offload its 51% shareholding in Monte Cinemas to Tsogo Sun Casinos for R20 million.<\/p>\n
In addition to the Monte Disposal, the company, through its wholly-owned subsidiary Avusa Entertainment Investments, is also in the process of disposing of Nu Metro Cinemas.<\/p>\n
The Monte Disposal does not form part of the disposal of Nu Metro Cinemas, Times Media pointed out.<\/p>\n
\u201cMonte Cinemas provide film entertainment and related services to the South African market and as such, is not aligned to TMG’s core businesses – being media and retail solutions,\u201d TMG said.<\/p>\n
The proceeds of the Monte Disposal will be used to reduce gearing and for potential future acquisitions more aligned to TMG’s core business, it said.<\/p>\n
Times Media will continue to manage the business operated by Monte Cinemas following the conclusion of the sale and will grant to Monte Cinemas a non-exclusive, royalty-free licence to use the “Nu Metro” trade mark.<\/p>\n
In addition to the Monte disposal, Times Media has also disposed of its 50% shareholding in Three Groups Cinemas (Suncoast Cinemas) to Whitehorse Investments and Avalon Three Groups Investments, the other shareholders of Suncoast Cinemas in equal shares for a total consideration of R17 million.<\/p>\n
Times Media to acquire textbook reseller<\/strong><\/a><\/p>\n