Golden Harvest Entertainment chairman Raymond Chow has sold an 11.7% stake in the company lowering his 34% stake to 22.3%.
Chow recently acquired an additional 4.8% of the company from Australia's Village Roadshow. At the same time Roadshow offloaded the rest of its stake in Golden Harvest to Taiwan's Acer Digital Services Group (22%) and South-East Asia Investment Holding (8%).
Chow sold 80 million shares at HK$1.28 per share, paid in cash. Prudential Asset Management Asia took 55 million shares, giving it as 18.03% holding in the company, up from 9.99% previously. The remaining 25 million were sold to an independent third party.
Chow is selling his private companies Golden Harvest Films Productions and Golden Harvest Marks - which owns the group's brand name - to publicly listed Golden Harvest Entertainment for $19.3m (HK$150m), in an attempt to fully integrate the company. On completion of the sale, Chow should have a controlling shareholding of 32.22%.