Kinepolis sheds CinemaxX stake

H+Z Beteiligungs GmbH now No. 2 shareholder in firm

COLOGNE, Germany -- Belgian cinema group Kinepolis has completed the sale of its remaining 12.6% stake in German multiplex operator CinemaxX to investment group H+Z Beteiligungs GmbH.

Kinepolis sold the three million CinemaxX shares in three stages, completing the sale July 31.

H+Z now controls between 18% and 20% of CinemaxX, making it the second-largest shareholder in the company behind Bavarian mogul Herbert Kloiber, who controls just under 50%.

CinemaxX founder Hans-Joachim Flebbe and his family control around 18%, with the remainder in free float.

CinemaxX last year posted a €5.1 million net loss on revenues of €180 million.