Producer-distributor B&S Films has unveiled plans to join the long list of Hong Kong film companies listed on the Growth Enterprise Market (GEM).
The company will place 100 million shares at 50 HK cents each for a listing on August 6. Chairman Siu Luen Fat said the move would help B&S expand into overseas markets and extend its distribution network to pay-TV and internet-based TV in Hong Kong and mainland China.
Of the $3.1m (HK$24m) net proceeds raised from the placement, $705,000 (HK$5.5m) will be used to improve production equipment, $570,000 (HK$4.5m) has been earmarked for sales and marketing and $385,000 (HK$3m) will be spent on training. A further $570,000 (HK$4.5m) will be used to promote the screening of the group's movies in Hong Kong cinemas and to develop new businesses.
B&S' recent credits include The Hidden Enforcers, an action picture starring Sammo Hung and directed by Nam Yin. Hung - a veteran actor-director who was most recently responsible for the action sequences in Highbinders - also serves as a non-executive director on the B&S board. The company also recently produced the latest instalment in the long-running Troublesome Night horror series - Troublesome Night 15, starring Eric Tsang and Law Lan.
Director Johnnie To's production outfit, Milkyway Image, also plans to list on the GEM by the middle of next month. Distributor Panorama Entertainment raised $4.2m (HK$33m) when it floated on the GEM earlier this year.