Australian entrepreneur Kerry Packer has sold his stake in Mexican exhibition company Cinemex to Canadian investment firm Onex and Los Angeles-based Oaktree Capital Management, netting a profit of $130m, according to local newspaper The Australian.

Packer acquired the 35% stake in Cinemex in 1999 when his Consolidated Press Holdings bought Australian cinema chain Hoyts for $600m.

The newspaper reported that over the past two months Packer has cashed in some $260m worth of assets in order take advantage of stock market bargains.