Cape Town and London Based Investment Firms Come Together to Place An Offer on Ster Kinekor

• A London-based investment company and a South African company from Cape Town have come together to put up an offer for Ster Kinekor
• The details of the offer have not yet been released to the public, however, interested parties are said to be pleased with the offer on hand
• The company will remain under business rescue until next year despite attendance numbers picking up

CAPE TOWN - The struggling cinema company Ster Kinekor is currently under business rescue and a South African company from Cape Town and a London-based firm have teamed to put up an offer for the company.

Green Point Capital and Blantyre Capital have up an updated offer for Ster Kinekor that was well received by blockbuster company's interested parties.

Ster Kinekor's business rescue practitioner, Stefan Smyth says the details of the offer will be published in the next few weeks but they are pleased with the outcomes, reports Fin24.

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Smyth says all interested parties in Ster Kinekor will participate in a vote on the offer presented. Ster Kinekor will continue to be under business rescue until January 2022.

Attendence levels have improved at Ster Kinekor

The blockbuster company has taken a knock in attendance in recent years, however, Ster Kinekor says the numbers are improving, reports MoneyWeb.

Smyth says the numbers have gotten a lot better have exceeded the levels seen in the previous level 3 lockdown regulations.

Smyth adds that movie opening weekends have also contributed to the numbers going up, with a to of people showing to watch movies such as James Bond ‘No time to die’.

The opening weekend of Spider-Man: No Way Home in mid-December is also expected to help the numbers pick up.

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SAA to be sold in 2022

In other business-related news, Briefly News previously reported that Pravin Gordhan, the Minister for Public Enterprise, has announced that South African Airways (SAA)'s 51% stake sale to private investors should be concluded by early next year.

The majority stake will be sole to Takatso, which is comprised of Global Aviation and Harith. After the necessary legal and regulatory steps have been taken, the sale will be concluded.

The price should not be swayed by travel bans following the discovery of the Omicron variant. Gordhan hopes that these bans will soon be rescinded following ongoing discussions between the South African government and different countries' leaders, Bloomberg reports.

Source: Briefly News