Brief: Orange Sky Golden Harvest Entertainment to sell unit to Nan Hai Corp for RMB3.29 bln

Orange Sky Golden Harvest Entertainment (Holdings)

09/02/2017 14:50

Feb 9 (Reuters) - Orange Sky Golden Harvest Entertainment 
Holdings Ltd  1132.HK  
    * on 25 jan 2017, vendor, unit of co, purchaser and Nan Hai, 
as guarantor of purchaser, have entered into SPA 
    * vendor has agreed to sell and purchaser has conditionally 
agreed to purchase sale shares 
    * Initial consideration shall be approximately rmb3.286 
billion 
    * application has been made to stock exchange for resumption 
of trading in shares on stock exchange on 10 feb 
    * expected that, company will record a gain from disposal of 
approximately hk$2.3 billion 
    * target company is City Entertainment Corporation , a unit 
of co ; 
    * part of net proceeds received from disposal is expected to 
be used to expand hk business and prc production & distribution 
business 
    * purchaser is True Vision Limited, a company incorporated 
in Hong Kong, being subsidiary of Nan Hai 
 
Source text for Eikon:  ID:nHKSchHDM  
Further company coverage:  1132.HK  
 
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