Village Roadshow continues asset stripping with AU$165mn Golden Village sale

Village Roadshow has sold its 50% share in Singaporean cinema chain Golden Village for a fee of around AU$165mn.

Hong Kong’s Orange Sky Golden Harvest, already owner of the other half of the company, has completed its 100% takeover as a result of the transaction.

It is thought that Village Roadshow will net around AU$150mn in profit from the sale, helping it to pay down some of its debts.

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Last month, the company revealed it is looking to raise another $100mn from the sale of its theme park land. The company runs five major attractions across 154 hectares: Movie World, Wet’n’Wild, Australian Outback Spectacular, Paradise Country and Village Roadshow Studios, and would look to effectively lease the land back in order to continue operating the sites.

Revenues struggled last year after a tragedy at rival’s theme park, which saw four people die in a collision between two rafts on a rapids ride at Dreamworld in Queensland, operated by Ardent Leisure.