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Force sells film holding

By Phil Boeyen, ShareChat Business News Editor

Tuesday 11th December 2001

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Force Corporation (NZSE: FOR) is continuing with its programme of non-core asset divestments, this time doing a deal to sell its holding in South Pacific Pictures Investments.

The cinema operator says it has entered into a conditional sale and purchase agreement with another shareholder, Chrysalis, for the sale of its one-third interest in South Pacific Pictures for a total sale price of GBP500,000 (NZ$1.725 million).

Force says it has received a deposit of GBP50,000 but notes that the deal is conditional on Chrysalis reaching a shareholder agreement with the other partner in South Pacific Pictures, Endeavour Entertainment.

Force has already sold a number of other non-core assets such as properties and is using the proceeds to repay debt. Casino operator, Sky City (NZSE: SKC), is company's major shareholder.

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