April 6, 2017 / 12:59 AM / 6 months ago

IMAX China says two PE investors sell 5.9 pct stake

HONG KONG, April 6 (Reuters) - IMAX China Holding Inc , which operates and installs cinema systems, said on Thursday two private equity investors had sold an aggregate 5.9 percent stake to a “prominent” international investment bank, helping to increase liquidity in the market.

The subsidiary of large-format movie and cinema screen giant IMAX Corp said CMC Capital Partners and FountainVest Partners sold the company shares at HK$39.72 apiece, without giving further details.

CMC will remain a key partner of the company and a strategic investor in the IMAX China Film Fund and IMAX VR Fund, the Hong Kong-listed firm said.

Shares of IMAX China, which has a market value of $1.92 billion, rose 4.5 percent to close at HK$41.80 on Wednesday.

In February, the film company reported a steep fall in profits for 2016 amid a slump in Chinese box-office sales, underlining the challenge filmmakers and cinema operators face in the world’s second-largest economy.

$1 = 7.7692 Hong Kong dollars Reporting by Donny Kwok; Editing by Richard Pullin

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