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Bond Market News
Dalian Wanda Exits AMC Entertainment
May 24, 2021
Chinese conglomerate Dalian Wanda Group Co. has exited its investment in American movie theatre operator AMC Entertainment Holdings Inc., as per a filing on Friday. The Wang Jianlin-led company, which acquired AMC in 2012 for $2.6bn, has slashed its stake to a mere 0.002% from 6.8% as on April 9. The move is part of Wanda’s move towards trimmings its investments outside China and comes at a time when theatre chains have been struggling on the back of pandemic-related lockdowns. Despite AMC’s struggling business, its stock has been one of the beneficiaries of the boom led by Reddit forum day traders, rising a massive 470% this year to $12.08. With the latest move, Wanda also announced that its film division and AMC will sign a long-term strategic cooperation agreement in order to safeguard their mutual benefits in global and Chinese mainland market.
Wanda’s 8.875% bonds due 2023 are trading at 93.25 yielding 13.15% currently while AMC’s 5% bonds due 2024 are trading at 101.31 yielding 3.9%.
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