Hong Kong's Golden Harvest Entertainment plans to raise $12.9m(HK$100m) through the sale of convertible debt to fund its new cinemas anddigital screen advertising business in mainland China.
Half the notes will be soldto existing shareholder Hanny Holdings while Golden Harvest chairman RaymondChow and another investor, Li Ka-shing, will each buy 20% through their privatecompanies. EMI-owned Typhoon Music will take 10%.
Golden Harvest plans to addanother five screens to its seven-screen multiplex in the city of Shenzhen, immediately across the border from Hong Kong in Guangdong Province, and is working on a second nine-screen multiplex in the same city.
Hong Kong tycoon Li Ka-shing acquired a 17% stake in GoldenHarvest in 2004. Electronics manufacturer Hanny Holdings, controlled by CharlesChan Kwok-leung, holds around 12% of the company.