PPB Group's shares slip on proposed sale of cinema arm

Conglomerate PPB Group Bhd's shares slipped in the morning session today on news that it plans to sell its cinema arm, Golden Screen Cinemas (GSC) Sdn Bhd.

The Group's share price fell four sen to RM16.16, with 284,200 traded.

It was reported that Robert Kuok, who controls 50.8 percent of PPB Group through his holding company, Kuok Brothers Sdn Bhd, is seeking a potential buyer for its cinema business.

He is expected to clinch as much as US$500 million through the deal and has received first-round bids for the cinema business.

PPB Group's film exhibition and distribution division has generated a profit of RM65.6 million (US$16 million) last year, making it the second major contributor after the grain and agribusiness segment.

PPB Leisure Holdings Sdn Bhd, the leisure and entertainment arm of PPB Group, owns an entire equity interest in GSC.

GSC Group operates a total of 345 digital screens at 40 locations across Malaysia and Vietnam.

It has a joint-venture partnership with Galaxy Studio which has 39 screens in seven locations in Vietnam. -- Bernama