To be first exhib on Teutonic stock market
BERLIN — Hamburg-based Cinemaxx will become the first German theater chain to be listed on the stock exchange. Cinemaxx, which has changed its name from Flebbe, plans to go public in July.Cinemaxx is Germany’s multiplex leader, with a total of 14 plexes. It is the second-largest exhibitor after Ufa Theater. The group’s turnover rose 33.4% to DM203.5 million ($114 million) in 1997, and its operating results increased 37.3% to $9 million. Flebbe reported no profits last year due to investments in multiplex construction. The exhib expects to open 19 multiplexes by the end of 1999, including theaters in Switzerland, Austria and Turkey. Since buying back a 50% share held by businessman Rolf Deyhle earlier this month, founder Hans-Joachim Flebbe is the sole owner of Cinemaxx.