daytrade diaries... oct 23/24 weekend, page-25

http://www.theaustralian.com.au/business/curtains-for-amalgamated-holdings-in-dubai/story-e6frg8zx-1225942441918

Curtains for Amalgamated Holdings in Dubai
Bridget Carter From: The Australian October 23, 2010 12:00AM

AMALGAMATED Holdings Limited is exiting the troubled Dubai market, selling its Middle Eastern cinema interests for $79 million.

The group's Dubai-based MAF Greater Union business was a joint venture between AHL and Majid al-Futtaim, the largest developer and operator of shopping malls in the Middle East and North Africa region.

AHL has sold its 49 per cent stake in MAF Greater Union, to Majid al-Futtaim. The sale represents a book profit of $60.6m. Majid al-Futtaim has 53 Carrefour convenience stores, 10 malls and seven hotels.

The AHL-managed MAF Greater Union business operates the Cinestar circuit based in the United Arab Emirates and consists of five cinemas and 50 screens.

Shares in the company closed down 6c yesterday to $6.31.