Theme parks and cinemas operator Village Roadshow has sold its stake in Singapore cinema business Golden Village for $165 million.
Village Roadshow on Monday said it had signed a deal to sell its 50 per cent stake in the company to Orange Sky Golden Harvest Entertainment, who already owns the other half.
It expects to use the proceeds of the sale, due to be completed before the end of 2017, to reduce its debt and to progress its growth strategies.
Village Roadshow endured an annual loss of $66.7 million in the 12 months to June 30 after last year's fatal accident at Dreamworld - operated by rival Ardent Leisure - caused a fall in visitor numbers and earnings at other theme parks.
Shares in Village Roadshow closed 6.0 cents, or 1.6 per cent, higher at $3.81.
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