Orange Sky Golden Harvest Entertainment (HKG:1132) said it will fully exit its cinema business in Hong Kong after terminating all remaining lease agreements, according to a Friday Hong Kong bourse filing.
Shares of the company were up 17% in late-afternoon trade Monday.
The group had operated seven cinemas in the city but has now closed or agreed to close all of them, including GH Whampoa, Grand Ocean, GH Megabox, the sky, StagE, GH Galaxy, and GH Taipo.
The company expects to book a one-off gain of about HK$65 million from the exit, including HK$19 million from the reversal of reinstatement cost provisions and HK$46 million from lease modifications.
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