Greenpoint Capital And Blantyre Capital Partner To Make An Offer To Buy SA Cinema Company Ster-Kinekor
Greenpoint Capital And Blantyre Capital Partner To Make An Offer To Buy SA Cinema Company Ster-Kinekor. Ster-Kinekor is a South African cinema company, the company like most companies has been negatively affected by the Covid 19 pandemic. The business has experienced financial losses and it is considering selling to Greenpoint Capital and Blantyre Capital as the companies have already made an offer to purchase.
Since the pandemic began the business has been suffering as it had to close it doors due to the lockdown restrictions and Covid regulations. Ster-Kinekor is a type of business that requires a lot of people to attend their movie screenings in order for it to be profitable. The pandemic and lockdown restrictions made it impossible for the business to function optimally as it was often closed and when it was operating, it could only accommodate a limited amount of people.
Business rescue practitioner Steyn Smyth told Tech Central that he requested for an extension of the publication of the business recuse plan to January 2022 because of the updated investment offer from Greenpoint Capital and Blantyre Capital. He said, “The extension will therefore enable the business rescue practitioner to finalise the business rescue plan but also to prevent the voting meeting coinciding with the holiday period, we are very pleased to have received an amplified proposal from Blantyre Capital and Green Point Capital and look forward to dealing with the details in the next weeks so as to publish a plan for affected parties to subsequently vote on,” Smyth said.
Ster-Kinekor experienced a financial fallout due to the ongoing lockdown restrictions, the restrictions have made it difficult for the company to function at its peak capacity. This has affected the company’s bottom line as they were not able to plan for the months that they were going to be closed. With the pandemic looking like it’s not ending anytime soon the only viable option that the company might have is to take up the investment firms on their offer to purchase.
