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Cineworld plunges as major backer cuts stake

The second largest shareholder in Cineworld has cut its stake in the beleaguered cinema chain, causing its shares to fall sharply for a second day.

Shares closed down 31.4%, at 1.92p, after it emerged that Jangho Group, a Chinese building materials company, had cut its 13.7% holding to 11.6%.

It comes a day after Polaris Capital Management offloaded its remaining 3.5% holding.

Cineworld has said that it will look at closing some of its 751 sites worldwide.

The Times (£)

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