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Sandy Li

Golden Harvest Entertainment (Holdings) has scrapped its de-listing plan after bringing in new investors, including American International Assurance (AIA), to boost the public float.

 The company's share trading will resume today after more than 10- month's suspension.

 To satisfy public float requirements, the company and its substantial shareholder, Village Roadshow, yesterday announced they would place 40 million new and existing shares to raise its public float to about 23 per cent from 6.47 per cent.

 The company, whose shares have been suspended since September 15 last year due to the low public float, said Village Roadshow would dispose of another 2.2 per cent within a month.

 Golden Harvest managing director Phoon Chiong-kit said the company decided not to proceed with its de-listing plan because it was not easy to obtain a listing status.

 Golden Harvest said it would raise a net proceed of $2.9 million through placing five million new shares to American International Assurance Co (Bermuda) at 60 cents each.

 Mr Phoon said the company and AIA were negotiating a further sale of Golden Harvest shares in the next two months.

 Australia's Village Roadshow will dispose of 30 million existing shares, through Luen Fat Securities, to third parties and place another five million existing shares at 60 cents each to Victor Cha Mou-zing, a director of HKR International.

 The issue price represents a premium of about 5.26 per cent of 57 cents before its shares suspended for trading on September 14 last year.

 Following completion of the share placements, company chairman Raymond Chow Ting-hsing, Village Roadshow and their associates will reduce their stake to 66.03 per cent from 71.68 per cent.

 AIA will hold a 0.73 per cent stake in the company.

 Village Roadshow's shareholding, including a future 2.2 per cent stake sale, would be reduced to less than 10 per cent after the share placement.

 The chairman did not dispose of any of his shares during the placement exercise, Mr Phoon said.

 He projected Golden Harvest would return to profit next year, adding the company plans to increase its number of screens to 372 next year from present's 312.

 Seating capacity would expand to 98,898 next year from 90,444.



Golden Harvest keeps listing