DUBAI, United Arab Emirates (AP) — AMC Entertainment Holdings has decided to exit Saudi Arabia's fast-growing market amid heavy competition less than five years after the lifting of a decades-long ban on movie theaters. The world's biggest cinema chain, which announced the decision on Tuesday, said it had always planned to eventually hand operations over to its Saudi partners and that the $30 million sale would further boost its cash reserves as the industry struggles to recover from the pandemi
AMC Entertainment Holdings Inc, the movie theater operator that became a "meme stock" during the COVID-19 pandemic, has come up with an unusual way to win shareholder approval for stock sales that would raise cash, according to a regulatory filing and six corporate finance experts who reviewed it. AMC raised more than $2 billion through stock sales in 2021, largely on the back of retail investors who sent its shares on a wild rally, along with other meme stocks such as GameStop Corp. This helped it avoid the fate of bankrupt peer Cineworld Group LLC but also diluted its shareholders ninefold.
LEAWOOD, Kan., January 31, 2023--AMC Entertainment Holdings, Inc., (NYSE:AMC and APE), the largest theatrical exhibitor in the United States, in Europe & the Middle East and in the world, today announced that following the successful launch of movie theatre operations in the Kingdom of Saudi Arabia in partnership with Saudi Entertainment Ventures (SEVEN), the Company has reached an agreement to transition from a management and investment role in the Saudi Cinema Company (SCC) to a pure licensing