CHINA'S Chengtian Entertainment Group (International) Holdings Limited announced yesterday it would buy 24.78 percent of Hong Kong's Golden Harvest Entertainment (Holdings) Limited for around HK$202.1 million (US$26 million).
Chengtian has reached a deal with Raymond Chow, chairman of Golden Harvest, to purchase more than 31 million of combined shares from Chow and all related parties as well as HK$20 million convertible notes, the company said in a statement yesterday.
Upon completion of the transaction, Chengtian Entertainment will be the largest single shareholder in Golden Harvest, making it the first mainland company to become a substantial shareholder of a listed film entity in Hong Kong.