Friday, July 3rd18.6°C
26667
26754

Imax sells one-fifth interest in Chinese subsidiary to 2 private equity firms

NEW YORK, - Imax Corp. (TSX:IMX) is selling a 20 per cent interest in its Chinese subsidiary for US$80 million to two private equity firms as a preliminary step towards an eventual public offering of Imax China stock.

The North American theatre technology company, which makes systems for producing and showing 3D and big-screen movies, says the new investors in Imax China are CMC Capital Partners and FountainVest Partners.

Imax China will remain a subsidiary of Imax, which has its origins in Canada but is now headquartered in New York, Toronto and Los Angeles.

Imax chief executive Richard Gelfond said Tuesday that the strategic investments from CMC Capital and FountainVest will help to continue expansion in China and provide a step towards spinning off Imax China into a separate publicly traded company.

Imax's screen count in China has doubled since 2011 to 173 screens open, with an additional 237 in backlog as of Dec. 31, 2013.

"China is an enormously complex market in which we have accomplished quite a bit over the last 15 years," Gelfond said in a statement.

"At this juncture, it makes sense to bring in Chinese investors to help us better address local market dynamics and further optimize our business in China, including both our core theatre business as well as new business initiatives such as the home theatre joint venture we announced last year with TCL."

The two private equity firms will pay the first installment of the acquisition price on Tuesday and the remainder in early 2015.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14637.99+84.66
S&P CDNX671.58+0.09
DJIA17730.11-27.80
Nasdaq5009.21-3.91
S&P 5002076.78-0.64
CDN Dollar0.7966-0.0007
Gold1168.70+5.70
Oil57.32-0.29
Lumber288.50+0.40
Natural Gas2.845+0.023

 
Okanagan Companies
Pacific Safety0.165+0.005
Knighthawk0.010.00
QHR Technologies Inc1.55+0.03
Cantex0.05+0.01
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.87+0.14
Copper Mountain Mining1.14-0.02
Colorado Resources0.065-0.015
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.16-0.03
Decisive Dividend Corporation2.50+0.42

 



25354

FEATURED Property
23387222308 Pine Vista Place
4 bedrooms 3 baths
$605,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_



26370

26376


Member of BC Press Council


26916