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HONG KONG, May 3, 2010 - (ACN Newswire) - Mei Ah Entertainment Group Ltd. (HKSE Code: 391.HK) ("Mei Ah"/ the "Company") announced placing of existing shares and subscription of new shares at HK$0.208 per share. The placing shares are up to 962,000,000 shares, representing approximately 19.59% and 16.38% of the entire issued share capital and enlarged entire issued share capital of the Company respectively. China Merchants Securities (HK) Co., Limited is the Placing Agent.
The placing price of HK$0.208 per share represents a discount of approximately 12.61% to the closing price of HK$0.238 per Share as quoted on the Stock Exchange on 27 April 2010 and 12.75% to the average closing price of HK$0.2384 for the last 5 trading days.
Mr. Li Kuo Hsing, the Chairman of the Company said, "we see enormous opportunities in the film industry in Asia. Throughout the years, we have successfully developed our business along the value chain of the film industry, starting from contents production, distribution to exhibition. Leveraging on our Chinese-language film library of over 500 titles coupled with our ongoing film acquisition and production, at present we distribute our contents via pay-TV channels in Asia, including NOW in Hong Kong, Sky PerfecTV in Japan and Singtel MioTV in Singapore, as well as Red Channel which is jointly cooperated with HBO and will be launched in countries including Malaysia, Indonesia, Korea, Philippines and Vietnam, of which Red Channel in Indonesia will be officially launched in mid-May 2010. Looking forward, we plan to invest in cinemas in the PRC in order to strengthen our exhibition position in the value chain. We also explore opportunities to capture and benefit from merge of telecommunication, internet and cable TV networks."
There are only 260,000 persons per screen in the PRC, while in the U. S. and the U.K., there are 7,900 persons and 16,800 persons per screen respectively. It demonstrates enormous opportunity for future growth. Chinese films have seen significant growth over the past 5 years. In 2009, the domestic Chinese box office broke into the global top ten markets with US$909 million in box office revenue.
The resumption of trading of the Shares with effect will be from 9:30 a.m. on 3 May 2010.
Contact:
JOVIAN Financial Communications Ltd
Angel Y Y Yeung
Tel: +852 2154 7889
Email：angel@joviancomm.com
Topic: Issue of Stocks/Bonds
Source: Mei Ah Entertainment
Sectors: Film & Video, Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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