Baltic, Culture, Good for Business, Latvia, Markets and Companies

The parties have agreed not to disclose the price of the deal, Cinamon Holding's Baltic marketing head Andrejs Kuceruks said.

According to Kuceruks, the transaction is a part of Cinamon Holding's growth strategy that provides for expansion of the cinema network in the Baltic states. Balle is the second Cinamon movie theater in Latvia and the fifth overall for Cinamon Holding.

The company plans to upgrade the movie house's premises and equipment, develop a new website and bring the cinema under the joint Cinamon Holding management system, Kuceruks said.

Balle posted a profit of 38,708 euros on sales of 454,811 euros in 2015.

The 2005-established Cinamon Holding is headquartered in Tallinn. It now operates five movie theaters in Tallinn, Tartu, Riga, Liepaja and Kaunas under the Cinamon and Kosmos IMAX brands.

Cinamon Holding is 51% owned by Tatiana Tolstaya with owners of Nordea Bank's nominee accounts holding 49%.