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BRIEF-Kingsoft says Kingsoft Entertainment agreed to sell Seasun shares
April 21, 2017 / 9:28 AM / 3 months ago

BRIEF-Kingsoft says Kingsoft Entertainment agreed to sell Seasun shares

2 Min Read

April 21 (Reuters) - Kingsoft Corp Ltd:

* Unit, Westgame Holdings Limited, United Websoft Inc and Seasun entered into share purchase agreement

* Image Frame Investment agreed to purchase 39.8 million Seasun shares, representing about 4.34% of total issued shares of Seasun

* Deal at a consideration of US$62.6 million

* As a result of proposed disposal, no gain or loss will be recognised in profit or loss by group

* After closing, co's equity interest in Seasun will decrease from 71.99% to 67.65%,

* Westgame, United Websoft, Xiaomi Ventures propose to sell about 4.14%, 0.03% and 1.39% of total issued shares respectively of Seasun

* Apart from proposed disposal, Image Frame Investment also proposed to acquire Seasun shares from other shareholders of Seasun

* Westgame, United Websoft and Xiaomi Ventures to sell about 4.14%, 0.03% and 1.39% of Seasun shares respectively, for about US$80 million in total

* After transactions, Image Frame Investment, a unit of tencent, will hold about 9.90% of total issued shares of Seasun Source text: (bit.ly/2ob4t86) Further company coverage:

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