Golden Harvest Entertainment (Holdings) Co (
Golden Harvest itself will take 40 percent of Warner Village Taiwan Cinemas Co, which runs 83 screens at eight sites, the company said in a Hong Kong stock exchange statement. It may borrow from banks or sell new shares to help fund the purchase.
Golden Harvest, in which Hong Kong billionaire Li Ka-shing (李嘉誠) has the largest stake, runs 218 screens in 36 cinemas in Hong Kong, Singapore and Malaysia. It collects 83 percent of box-office receipts in Malaysia and 44 percent in Singapore.
"The acquisition will extend the cinema network of the group to Taiwan, which is an important market," the statement said. "The addition would greatly enhance the group's overall position as a major film distributor and cinema operator in Southeast Asia."
The Taiwanese cinema chain is owned by Warner Bros Entertainment Inc and Village Cinemas International Pty Ltd. The chain had a profit of NT$7.7 million (US$228,216) in the year through June 30, next year, and a net loss of NT$257.5 million the previous financial year.
The acquisition agreement requires Golden Harvest to take a larger stake in Warner Village should either of its two partners, which it didn't identify, drop out before completion. The acquisition is subject to approval by Golden Harvest shareholders at a special meeting.
Li Ka-shing owns 20 percent of Golden Harvest. A unit of EMI Group Plc owns 15 percent of Golden Harvest, making it the second-largest shareholder.
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