US asset management company AIG Investments has sold its stake in AFM Cinemas, the largest cinema chain in Turkey.
AIG and fellow shareholders sold a 51.91% stake in the business, which is headquartered in Istanbul, to A1 Group, the investment arm of the Alfa Group Consortium, the Russian financial-industrial conglomerate.
AFM Cinemas, which was founded in 1965, operates 32 theatres and 183 screens in 12 different cities.
Serkan Elden, a Managing Director of AIG Capital Partners, said: “The sale of our shares in AFM Cinemas represents the conclusion of a long-term and successful partnership with AFM’s shareholders and management team, led by A. Adnan Akdemir. As one of the first private equity investments in Turkey, we are pleased to see that the Company prospered from our investment and benefited from the growing Turkish business environment.”