New Zealand based Sky City Entertainment Group Ltd
(ASX:SKC) has sold its cinema business in New Zealand and Fiji to Amalgamated Holdings Ltd
(ASX:AHL).
The sales price of NZ$61.1 million excludes Sky City’s 50% shareholding in international ticketing software group Vista Entertainment Solutions Ltd, all cash deposits and all New Zealand freehold land.
Sky City says it will now move to divest its interests in these residual cinema group assets and expects a final total realisation of around $70 million compared to a current carrying value of the total cinema group assets of $61 million.
Sky City recorded net profit after tax of $92.78 million for the 2009 financial year.
