Cinema group Ster-Kinekor has exited business rescue after nearly two years, its administrator said on Friday.
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Investment firms Blantyre Capital and Greenpoint Capital have offered R250-million to rescue cinema chain Ster-Kinekor Theatres.
Ster-Kinekor’s road to recovery from the financial fallout of the Covid-19 pandemic has been delayed to late January.
The movie-goers who used to throng the cinemas of Johannesburg’s Sandton City shopping centre have, since the pandemic, watched the latest releases from a big screen in a rooftop car park.
South Africa’s largest cinema chain, Ster-Kinekor, has been placed into voluntary business rescue after it fell victim to the Covid-19 lockdown measures, which forced it into a loss-making position.
JSE-listed technology services company EOH Holdings has appointed former Nampak CEO Andrew Marshall to its board. He joins the board as an independent non-executive director on 21 May.
Ster-Kinekor, South Africa’s largest cinema chain, is closed with immediate effect. The company said it’s theatres will remain closed from Wednesday until further notice.
Ster-Kinekor, South Africa’s largest cinema chain, is suspending morning and evening movie screenings until further notice in an effort to slow the spread of the novel coronavirus that causes Covid-19.
Three media companies have collectively been fined tens of millions of rand for price fixing and the fixing of trading conditions. The Competition Commission wants the firms to cough up for their “cartel conduct”.
On TalkCentral this week, Ster-Kinekor’s old website allegedly leaked almost 7m users’ account details – we speak to the Durban-based software developer, Matt Cavanagh, who exposed a major security flaw in the