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2004-7-19 11:07:00 a.m. HKT, XFNA
STOCK ALERT- Hong Kong's Golden Harvest lower after forming jv, placing shares
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HONG KONG (AFX-ASIA) - Golden Harvest Entertainment (Holdings) Ltd (1132.
HK) was sharply lower after saying it is forming a 10 mln hkd joint venture
with Hong Kong's Abba Movies Co Ltd to provide loans to Chinese-language
movie makers, dealers said.
Golden Harvest was down 0.01 hkd or 3.45 pct at 0.28.
The company will take a 60 pct stake in the joint venture for 6 mln hkd,
while Abba will take 30 pct for 3 mln, it said. The other 1 mln hkd will come
from Typhoon Music (PRC) Ltd, the third largest shareholder in Golden Harvest.
Golden Harvest also said it has raised net proceeds of 22.4 mln hkd after
selling 155 mln new shares to Typhoon Music for 0.25 hkd each.
The new shares represented 14.91 pct of the company's enlarged issued
capital. The price carries a 13.79 pct discount to the closing price of 0.29
hkd per share as quoted on the stock exchange on July 14, its last day of
trading before resuming trade this morning.
(1 usd = 7.8 hkd)
susanna.tai@afxasia.com
st/swp
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