Sky City entertainment purchases more shares in cinema group

Sky City entertainment purchases more shares in cinema group

Sky City Entertainment Group Ltd, a New Zealand largest casino company, announced an acquisition of Sky City Leisure Ltd, a New Zealand-based cinema group. The Entertainment group possessed 74 percent of Sky City Leisure before the purchase. Now the company would own 95.8 percent of the cinema group’s shares, reported Onlinecasinonews.com.

The recent agreement will allow the Group to continue its expanding policy. Currently Sky City is restricted by legislation from opening any new casinos and widening its existing sites. Therefore the last purchase will give new opportunity to develop its strategy.

The media also reported about the plans of Sky City to buy casinos in Australia, to start investing in internet gaming sites, and to get stakes in rival casinos in New Zealand. Experts consider the Group will have to balance the cinema’s shares by another compulsory acquisition.

Managing Director, Evan Davies commented the purchase, “The decision to acquire the remaining equity in Leisure will enable the ownership and management structure to be streamlined, reducing the corporate and compliance costs of the business, and allowing for future growth.”

“Our offer was found to be fair by independent assessors, and was recommended by the independent directors of SkyCity Leisure. The offer was made with a view to providing minority investors with the opportunity to sell their equity at a fair price,” he added.