SINGAPORE - Australia's Village Roadshow Limited has agreed to sell its 50 per cent stake in Singapore cinema chain Golden Village to Hong Kong's Orange Sky Golden Harvest (OSGH), according to a Variety report.
The Hong Kong-based film production, exhibition and distribution company already owns the other half of Golden Village. The new transaction will see OSGH gain full ownership of the leading cinema chain here.
Theme parks and cinemas operator Village Roadshow had previously agreed to sell its stake to Singapore-based company MM2 Entertainment in July. However, the deal reportedly fell through because OSGH blocked the move in August.
In a filing to the Australian Stock Exchange, Variety quoted Village Roadshow as saying that it would sell the stake for US$129 million (S$175 million).
Movie theatre operator Golden Village runs 11 multiplexes housing 92 screens in Singapore. Established over two decades ago, it is a joint venture between Village Roadshow and Golden Harvest, OSGH's predecessor.