Cinemark to sell Mexico subsidiaries to Cinemex
Leading theatre chain Cinemark Holdings, Inc. announced that they have entered into a stock purchase agreement to sell all of the issued and outstanding shares of capital stock of Cinemark de Mexico and its subsidiaries to Grupo Cinemex and Cadena Mexicana de Exhibicion.
Roberto Jenkins, Cinemark’s general manager of Mexico, commented, “I have been fortunate to lead Cinemark Mexico since its entrance into the market in 1994 and am proud of the team we have developed, as well as our success in building a great company. Though it is difficult to sell the company, I am pleased that we are being acquired by such a well-respected company that is committed to the industry. I am confident Cinemex’s leadership and execution will further enhance the success of the assets.”
“We are grateful to Roberto Jenkins and the entire team in Mexico. Through their efforts over the past 19 years, they were able to help transform and re-establish the theatrical industry in Mexico and develop the premier circuit we operate today,” stated Tim Warner, CEO of Cinemark. “This transaction allows us the opportunity to provide greater focus on the growth of our remaining Latin American operations located throughout Central and South America.”