Kinepolis sells stake in German cinema group CinemaxX

BRUSSELS, Jan 27 (Reuters) - Belgian cinema operator Kinepolis (KIPO.BR) said on Tuesday it had sold its 12.61 percent minority stake in German cinema group CinemaxX AG to H+Z Beteiligungs GmbH.

The three million shares will be transferred in three equal tranches, subject to payment which is due in three instalments on Jan 30, April 30 and July 31, 2009, Kinepolis said in a statement.

It did not provide further financial details, saying only that the transaction would generate a capital gain in the amount of the purchase price, as the interest was written off in 2001. (Reporting by Antonia van de Velde)