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Tag: Citic Group

  • Ex-Disney chief Dick Cook launches studio with $150 million Chinese investment

    Ex-Disney chief Dick Cook launches studio with $150 million Chinese investment

    MUMBAI: Former Disney chairman Dick Cook is launching Dick Cook Studios with a $150 million investment from Citic Guoan Group Co. Ltd., which is a division of China’s Citic Group.

     

    Cook said, “I am thrilled to formally announce the launch of Dick Cook Studios. Our mission will always be to provide the very best in family entertainment inclusive of all generations, which inspires, engages, excites and always contributes positively not only to our communities but to the world at large. We will have many more announcements in the coming weeks and months as our long standing plans come together.”

     

    The new studio will be a creative content company focusing exclusively on the development, production, marketing and distribution of multi-generational family entertainment including live-action and animated motion pictures, television, digital, educational media, stage and other themed entertainment among other avenues.

     

    Cook added, “China is very important and this investment will serve as a significant building block in helping us reach our goals. It took us quite awhile to find the right partners that share our vision to create quality content and our passion of family entertainment through telling rich stories that will travel the globe. Citic Guoan is an extremely diverse company with many businesses that range from film and television, publishing, media, to sports, tourism and outsourcing services that will be of great benefit to both of our companies

     

    Citic Guoan chairman Li Shilin said, “With Mr. Cook and his highly respected team, we are guaranteed that every segment of our cooperation will be of the highest standards. They appreciate and understand traditional Chinese culture, and they look forward to telling Chinese stories that will play to families across the globe. We both believe that cultural works in spreading love and positive energy is the world’s eternal theme.”

  • Asiasat to be privatised

    Asiasat to be privatised

    MUMBAI: Asian satellite service provider Asiasat has said that its major shareholder plans to take the company private to allow management to focus on business development in a competitive market.

    Under the proposed privatisation there will be a scheme of arrangement under which all shares, including all shares underlying American Depositary Shares (ADS), not already held by Asiasat’s controlling shareholder will be cancelled in exchange for the share offer price of HK$18.30 per share.

    For Asiasat shareholders, the cancellation price of HK$18.30 per share represents a premium of approximately 30.7 per cent over the closing price of HK$14 per share as quoted on the Hong Kong Stock Exchange on 8 February 2007, the day prior to the suspension of Asiasat’s shares.

    An announcement said that the privatisation follows persistent over-supply of transponder capacity and the slow introduction of new applications in the Asia-Pacific region. As a result, the satellite market in the region remains very competitive, and Asiasat’s share price has not performed satisfactorily.

    The offeror is a BVI incorporated company jointly owned by Able Star, an indirect wholly-owned subsidiary of CITIC Group, and GE Equity, an indirect wholly-owned subsidiary of General Electric Capital Corporation. The General Electric group is also proposing to acquire an interest in AsiaSat’s controlling shareholder. On completion of the acquisition and the privatisation, Asiasat will be jointly indirectly owned by CITIC Group and General Electrical Capital Corporation.

    In the three year period prior to the announcement date, the price of AsiaSat’s shares decreased by 11.9 per cent compared to an increase of 51.1 per cent in the Hang Seng Index over the same period. The proposed privatisation would give the management of AsiaSat greater flexibility to focus on the development of business and marketing activities.

    It would also relieve Asiasat of the heavy financial and administrative burden of dual listings on both the Hong Kong Stock Exchange and the New York Stock Exchange, which are disproportionate to the benefits of maintaining such listings. The proposed privatisation is subject to a number of conditions. It is the intention of Offeror to maintain the existing business of AsiaSat upon the successful privatisation of AsiaSat. No major changes to the existing operating and management structure are expected to be introduced as a result of the implementation of the privatisation. For AsiaSat customers, there will be no change.

    The total amount of cash required to effect the privatisation is approximately HK$2,235 million, which will be financed with from the existing resources of CITIC Group and GE Equity.