Rebecca Davis editorChina’s Dalian Wanda Group has dumped almost all of its remaining holdings in AMC Entertainment for $426 million, bringing its stake down to just 0.002%, according to a Friday regulatory filing.Since last Thursday, it has sold off 30.4 million of its AMC shares, leaving it now just 10,000 shares,The development marks the conglomerate’s latest move to shed overseas assets and retrench in China, a process begun in recent years after it came under scrutiny from Chinese authorities, and likely hastened by a difficult 2020 pandemic year.Wanda first acquired AMC in 2012 for a whopping $2.6 billion.
It began pulling out of the firm last December, diminishing its stake to 23.08% of the company’s Class A common stock and 47.37%.
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