Two investors offer to buy Ster Kinekor
Two investors have offered to buy South Africa's larges movie exhibitor Ster Kinekor Theatres.
The company is currently under business rescue.
Blantyre Capital and Greenpoint Capital have offered R250 million for Ster Kinekor.
In a statement by company's business rescue practitioners, it said the shares in Ster Kinekor would be transferred from the existing shareholders.
This would result in full ownership by Blantyre and Greenpoint Capital.
"The facility provides the quickest and most efficient manner to exit STK from business rescue and return it to solvency, whilst also seeking to maximise recoveries to pre business rescue and on-going trading creditors of the business," the statement reads.
Business rescue practioner Stefan Smyth said if sucessful the transaction will provide much needed security to the 776 employees of Ster KInekor.
