In his statement, Smyth said he had successfully concluded the business rescue process according to his plan. All necessary regulatory requirements for the transaction were fulfilled and lease agreements had been renegotiated.
“We are very pleased that we were able to raise the necessary capital to rescue Ster-Kinekor. Not only does this investment give the business a solid foundation on which to build its future, it has also meant that some 800 jobs have been retained and a dividend has been paid to creditors as proposed in the accepted plan.
Founded in 1969, the company has dominated the market for years, with more than 60% of the cinemas in South Africa, 424 large-scale screens and 64,000 seats in 52 movie complexes.Ster-Kinekor was also the first to launch dedicated art-house cinemas, in the form of Cinema Nouveau, and the luxurious Cine Prestige theatres, which are pitched as a “business class” cinematic experience.
Before Covid, Ster-Kinekor was highly cash-generating and profitable, with good prospects. The lockdowns were almost the death of the company.
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