February 9, 2017 / 3:12 PM / 3 years ago

BRIEF-Orange Sky Golden Harvest Entertainment to sell unit to Nan Hai Corp for RMB3.29 bln

Feb 9 (Reuters) - Orange Sky Golden Harvest Entertainment Holdings Ltd

* on 25 jan 2017, vendor, unit of co, purchaser and Nan Hai, as guarantor of purchaser, have entered into SPA

* vendor has agreed to sell and purchaser has conditionally agreed to purchase sale shares

* Initial consideration shall be approximately rmb3.286 billion

* application has been made to stock exchange for resumption of trading in shares on stock exchange on 10 feb

* expected that, company will record a gain from disposal of approximately hk$2.3 billion

* target company is City Entertainment Corporation , a unit of co ;

* part of net proceeds received from disposal is expected to be used to expand hk business and prc production & distribution business

* purchaser is True Vision Limited, a company incorporated in Hong Kong, being subsidiary of Nan Hai Source text for Eikon: Further company coverage:

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