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| Thursday, 22 December 2016, 17:46 HKT/SGT | |
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HONG KONG, Dec 22, 2016 - (ACN Newswire) - A8 New Media (800.HK) announced that a total of 931,800,000 shares will be issued to the subscriber, Ever Novel Holdings, at the subscription price of HK$0.41 per share. The subscription shares represent approximately 33.68% of the enlarged share capital, and the net proceeds from the subscription will be approximately HK$380.5 million. Ever Novel Holdings is owned by a family trust set up by Mr. LIU Xiaosong, the actual controller of the Company.
Upon completion, the aggregate subscription price for the subscription shall be paid by Ever Novel Holdings in cash. A8 New Media is principally engaged in the provision of digital entertainment services, including game publishing services and music-based entertainment services as well as property investment in the PRC. It is intended that the net proceeds from the subscription will be utilized as further investment of the Group as and when opportunities arise, with a focus on mobile game industry chain and online to offline music industry chain consolidation.
According to the announcement, Ever Novel Holdings and parties acting in concert with it will in aggregate hold approximately 56.00% of the issued share capital of the Company upon completion from 33.66% of the existing issued share capital of the Company, and will make an application to the executive of the Securities and Futures Commission of Hong Kong for the whitewash waiver.
Mr. LIU Xiaosong, Chairman and Chief Executive Officer of A8 New Media, said, "The Group will continue to build the music-based entertainment industry chain and prime games publishing platform based on mobile Internet. The transaction will consolidate the foundation of our business. As the Internet is rapidly developing and gaining its popularity across the PRC, the Company will make full use of the proceeds from the subscription to strengthen the layout of primary business, and further expand the market share so as to create fruitful returns for our shareholders."
Topic: Press release summary
Sectors: Media & Marketing, Daily Finance, Daily News
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From the Asia Corporate News Network
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