Wu to buy out Golden Harvest for HK$527.4m

Golden Harvest Entertainment (Holdings) says chairman Wu Kebo has offered to buy all the shares he does not own in the company for HK$527.4 million. At HK$3.70 for each Golden Harvest share, the offer represents a 5.71 per cent premium to the stock's HK$3.50 last quoted price before trading was suspended on May 26 and is 1.65 per cent higher than the firm's net asset value at the end of last year. Mr Wu now holds 80 per cent of Chengtian Entertainment Group, which owns 22.8 per cent of Golden Harvest. Li Ka-shing is Golden Harvest's second-biggest shareholder with 16 per cent.