G.H.Y Culture & Media's associate company incorporates JV company

ENTERTAINMENT and content provider G.H.Y Culture & Media (GHY) announced on Wednesday that its indirect associate company has incorporated a firm in China through a joint venture (JV) limited partnership.

The associate company, Tianjin Changxin Film & Media Co, has a 48.9 per cent stake in the incorporated firm known as Xiamen Kaimen Jianjun Film & Television Industry Investment.

Xiamen Kaimen has a registered capital of RMB10.22 million (S$2.1 million). Its key business activities will include literary and artistic creation, in particular, script development and creation.

Its incorporation, funded through internal resources, is not expected to have any material impact on the earnings per share or net tangible assets per share of the group for the financial year ending Dec 31, 2021.

None of the directors or controlling shareholders has any interest in the incorporation of Xiamen Kaimen, other than through their respective shareholding interests in GHY.

Shares of GHY ended Wednesday at 84.5 Singapore cents, up 6 cents or 7.6 per cent.