News Column

Lugang to Spend CNY470mn Acquiring Century Great Dragon

May 22, 2014

JIANGSU, May 22, SinoCast -- Jiangsu Lugang Science and Technology (SHSE: 601599) intended to march into the TV program sector through acquiring Century Great Dragon at CNY 470 million to achieve a double main business pattern, textiles and TV programs.

Lugang will buy a 100% stake in the target company through issuing shares and cash as it will issue a total of 42.9073 million shares at CNY 7.12 a share to pay 65% for the deal and pay the rest 35% of CNY 164.5 million in cash.

Meanwhile, Lugang planned raise supporting fund of not more than CNY 150 million through issuing shares to not more than 10 specific investors at not less than CNY 6.41 shares.

Founded in 1997, Century Great Dragon is an integrated media company engaging in the planning, production , distribution and investment of TV programs and films.

Lukang is mainly engaged in the production and sale of all kinds of knitting wool and high-grade worsted woolen fabrics.

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Source: Sinocast Internet, Media & Online Services Beat (China)

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