Motherboard listed company mm2 Quanya Film and Television Entertainment said that the amount of proceeds from its sale of the equity will be used to repay the group's debts. mm2 Quanya Film and Television Entertainment's book value of the Vi...
Motherboard listed company mm2 Quanya Film and Television Entertainment said that the amount of proceeds from its sale of the equity will be used to repay the group's debts.
mm2 Quanya Film and Television Entertainment's book value of the Vividthree equity sold is approximately RMB 2.05 million, and its net asset value is RMB 1.89 million, and it will suffer a net loss of approximately RMB 180,000. This sale transaction is subject to approval from shareholders of mm2 Quanya Film and Television Entertainment.
mm2 All Asia Film and Television Entertainment's share price remained flat at 0.9 points on Wednesday, while Vividthree's share price fell 10.0% to 1.8 points.
It is understood that mm2 Quanya Film and Television Entertainment is currently the largest shareholder of Vividthree. After the sale transaction is completed, the private equity fund will become the largest shareholder of Vividthree.
The listed company mm2 All Asia, which was dragged down by the storm of owing tens of millions of yuan in rent by its subsidiary Cathay Cineplex, sold 21.02% of the equity of Vividthree in the listed media production company to a private equity fund for about 1.734 cents per share on Wednesday (May 28).
It signed a purchase and sale agreement with Hildrics Asia Growth Fund VCC (on behalf of private equity fund Hildrics Asia Media & Entertainment Fund), selling approximately 97.55 million shares of Vividthree shares to the other party.
mm2 Quanya Film and Television Entertainment currently holds a 29.89% stake in Kelly listed company Vividthree. After the sale transaction is completed, its equity in Vividthree will be reduced to approximately 8.87%, and Vividthree will no longer be its affiliate company.
