October 20 -- Guangdong China Sunshine Media (RCode: 002181:, RCode: 400003:) obtained approval from the China Securities Regulatory Commission for its plan to restructure assets through a private placement, reports Shanghai Securities News, citing a company filing.

Sunshine Media is to offer 340 million shares at 11.24 yuan per share to Guangzhou Media Holdings, a wholly-owned subsidiary of Sunshine Media’s effective controller, Guangzhou Daily, in order to fully acquire Guangzhou Daily Newspaper Management, Guangzhou Ocean Media, and Guangzhou Daily Newspaper New Media.

After the transactions are completed, Guangzhou Daily will hold a 68.45 percent stake in Sunshine Media, and remain as the controller of Sunshine Media.

Sunshine Media posted 2.85 percent and 70.98 percent year-on-year increases in third quarter revenue and net profit to 86.28 million yuan and 6.2 million yuan, respectively.

Due to the higher material and labor costs, the company forecasts that full year 2011 net profit attributable to shareholders may drop by less than 50 percent year-on-year.

In addition, Sunshine Media said it had fully acquired its subsidiary, Guangdong Gongming Jingye Printing, for 120.84 million yuan on October 18.

Sunshine had in 2009 made provisions for 123 million yuan of non-performing loans for Gongming Jingye on its accounts receivable in 2009. With the acquisition, 30 million yuan of the debt owed by Gongming Jingye to Sunshine Media will be repaid.

Share trading resumed today. Shares of Sunshine Media rose 2.91 percent to trade at 11.68 yuan at 14:59 today.