 |
|
  |
2004-7-19 08:48:00 a.m. HKT, XFNA
Hong Kong-listed Golden Harvest forms financing jv with Abba Movies
|
| |
HONG KONG (AFX-ASIA) - Golden Harvest Entertainment (Holdings) Ltd said
it is forming a 10 mln hkd joint venture with Hong Kong's Abba Movies Co Ltd
to to provide loans to Chinese-language movie makers.
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, the company said.
Golden Harvest also said it had 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.
Proceeds from the subscription were used to boost its capital and repay
some loans, it said.
Trading in the company's shares is due to resume trading today.
(1 usd = 7.8 hkd)
leonora.walet@afxasia.com
lw/swp
AFN |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
