Shares of IMAX Corporation (TSE:IMX) (NYSE:IMAX) are soaring Monday after the movie theatre designer said it inked a deal to expand its presence in China and South Korea.
IMAX will add 35 new theatres to its network in Asia through a deal with CJ CGV, South Korea's largest cinema chain. Thirty theatres are slated to be built in China, while the other five were options from an existing agreement to construct theatres in South Korea.
After this deal, the largest to date between the two sides, the companies have collaborated on 95 theatres, 75 in China and the remainder in South Korea.
IMAX's presence is ramping up in China. The Mississauga, Ont.-based company has 133 cinema screens open in the country and 117 more in the pipeline.
IMAX's stock has blown ahead this year with a 23 per cent gain versus the S&P/TSX Composite Index's 0.9 per cent increase.
When the company reports second quarter results next week, analysts will be looking for a net profit of 27 cents per share. For the same period in 2012, IMAX earned 22 cents per share.
The stock rose 5.6 per cent to $27.43 as of 2:18 pm ET. Reported by Proactive Investors 5 hours ago.
IMAX will add 35 new theatres to its network in Asia through a deal with CJ CGV, South Korea's largest cinema chain. Thirty theatres are slated to be built in China, while the other five were options from an existing agreement to construct theatres in South Korea.
After this deal, the largest to date between the two sides, the companies have collaborated on 95 theatres, 75 in China and the remainder in South Korea.
IMAX's presence is ramping up in China. The Mississauga, Ont.-based company has 133 cinema screens open in the country and 117 more in the pipeline.
IMAX's stock has blown ahead this year with a 23 per cent gain versus the S&P/TSX Composite Index's 0.9 per cent increase.
When the company reports second quarter results next week, analysts will be looking for a net profit of 27 cents per share. For the same period in 2012, IMAX earned 22 cents per share.
The stock rose 5.6 per cent to $27.43 as of 2:18 pm ET. Reported by Proactive Investors 5 hours ago.