Today (27/01/09) Kinepolis Group NV and H+Z Beteiligungs GmbH group have entered into a sale and transfer agreement pursuant to which H+Z Beteiligungs GmbH group is to acquire Kinepolis Group NV's minority interest of 12.61% (representing 3 million shares) in the German cinema group CinemaxX AG.

 

The shares will be transferred to H+Z Beteiligungs GmbH group in three equal tranches, subject to the payment of the purchase price, which will be due in three instalments on January 30, April 30 and July 31, 2009.

 

For Kinepolis the transaction will generate a capital gain in the amount of the purchase price, as the interest was written off in 2001.

 

The minority interest in CinemaxX AG is not core to the Kinepolis activities. Kinepolis deems the timing to be right to sell its CinemaxX shares.