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| Motivating Employees to Enhance Operational Efficiency |
HONG KONG, Apr 11, 2011 - (ACN Newswire) - Kingsoft Corporation Limited ("Kingsoft" or the "Company"; SEHK: 03888), a leading developer, distributor and service provider of application and entertainment software in China, announced the completion of the business reorganisation of Westhouse Holdings Limited ("Westhouse"), the largest game studio under the Company. WestGame Holdings Limited ("WestGame"), a company owned by its founding employees has completed a subscription for 160 million Westhouse shares and is now holding 20% interest in Westhouse.
According to the announcement dated 24 January 2011 regarding the reorganisation of certain subsidiaries and businesses of Kingsoft, Westhouse would hold the businesses under Chengdu Xishanju Interactive Entertainment Technology Co., Ltd. and Zhuhai Kingsoft Online Game Technology Co., Ltd. As part of the internal reorganisation, WestGame has subscribed for 160 million Westhouse Shares at a price of HK$1.1834 per share for an aggregate consideration of approximately HK$189 million. Meanwhile, Kingsoft Entertainment Software Holdings Limited ("Kingsoft Entertainment"), a wholly-owned subsidiary of the Company, is to provide a loan amounting to approximately HK$151 million to WestGame to facilitate the share subscription.
The management of the Company believes that the reorganisation enables founding employees to directly own shares of Westhouse, an incentive for them to contribute to the long-term development of the Company, and thereby enhance the value of Westhouse.
Mr Pak Kwan Kau, Chairman and Chief Executive Officer of Kingsoft, said, "We always regard human resources as our most valuable asset. The reorganisation enables the founding employees to own the shares of Westhouse, which is part of our incentive policies for employees. Looking ahead, we will be proactively optimising our business structure through a series of reorganisations, in order to further enhance the operational efficiency and maximise the returns to shareholders in a win-win way."
Contact:
Kingsoft Corporation Limited
Ms. Michelle Feng Harnett
Tel: +86 10 82325515
Email: ir@kingsoft.com
Ms. Claire Lee
Tel: +86 10 82334488 - 5850
Email: limiao@kingsoft.com
Topic: Company reorganization
Source: Kingsoft Corporation Limited
Sectors: IT Individual, eSports, Gaming
https://www.acnnewswire.com
From the Asia Corporate News Network
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