Oriental Pearl to Sell Stakes in Two Subsidiaries
Sarft.net, 11/25/13
According to a release from the Shanghai Stock Exchange, Chinese media company Shanghai Oriental Pearl (600832.SH) has put its 31% stake in cable TV operator Taiyuan Cable TV Network up for sale at a price of RMB 140 mln. In addition, Shanghai Oriental Pearl subsidiary Shanghai Oriental Pearl Transmission will sell its 40% share in terrestrial delivery and reception equipment provider Shanghai Mingzhu Broadcasting TV Science & Technology for RMB 10.15 mln.
Taiyuan Cable TV Network is involved primarily in radio and TV program transmission, TV commercial design and production, and the sale of DTV paid programming. Shanghai Oriental Pearl Group currently holds a 50% share in the company, of which a 31% stake is for sale. Taiyuan Cable TV Network recorded profits of more than RMB 18.04 mln, RMB 48.99 mln, and RMB 47.98 mln in 2011, 2012, and from January to August of this year, respectively.
Shanghai Oriental Pearl Transmission is primarily involved in the manufacture of wireless radio and television transmission equipment, development of radio and television technology, product sales, and technology transfers. The company recorded losses in 2011, 2012, and from January to September of this year of RMB 189,800, more than RMB 12.59 mln, and RMB 8,000, respectively. Shanghai Oriental Pearl Transmission will sell its entire 40% share in the company.
According to Xu Xiaojun, an employee at the board secretary office of Shanghai Oriental Pearl Group, the company plans a future focus on gaming industry development, including PC gaming and mobile gaming. The company has established a new subsidiary, Shanghai Oriental Pearl Culture Development, in the new Shanghai Free Trade Zone, with plans to utilize the company to promote localization and game acquisitions.
Keywords: Taiyuan Cable TV Network Mingzhu Broadcasting Xu Xiaojun online gaming Oriental Pearl Culture Development mobile gaming television Oriental Pearl Oriental Pearl Transmission Shanghai Stock Exchange 600832.SH loss profit M&A cable operator cable TV
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