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UnUsUal unit to acquire 49% of Chinese film and concert company for 25.2m yuan
UNUSUAL Limited announced late on Monday that its wholly owned subsidiary UnUsUaL Entertainment International Limited has entered into a term sheet to acquire 49 per cent of equity interest in the total registered and paid-up capital of Beijing Wish for 25.2 million yuan (S$5.2 million) from vendor Qiu Wenwei.
The amount will be paid fully in cash. Following the acquisition, Beijing Wish will become an associated company of the group.
Beijing Wish is incorporated in the People's Republic of China (PRC), and is mainly engaged in the film production and distribution business, as well as commercial performance and concert brokerage businesses in the PRC. Mr Qiu is the sole shareholder of the company.
To date, Beijing Wish has been granted the commercial performance licence, a statutory requirement for companies to conduct concert businesses in the PRC, and it is valid until March 30, 2020.
In a filing to the bourse, UnUsUal Limited said that the proposed acquisition is a strategic investment by the group in line with its strategy to further extend its presence in China. The company believes that Beijing Wish will be its vehicle in China upon completion.