National Arts Entertainment and Culture Group Limited
National Arts Proposes a Spin-off of Its Film Studio and Hotel Business and Listing on the Main Board of the Singapore Exchange in the form of Business Trust or Real Estate Investment Trust
To: Finance Section Editors In relation to the spin-off plan, the Group has entered into a 2-year consultancy agreement with Skeel Advisors Private Limited (“Skeel Advisors”), pursuant to which Skeel Advisors will provide advice relating to all listing matters and arrange underwriter. Meanwhile, the Group has entered into a tax advisory agreement and a legal advisory agreement with PricewaterhouseCoopers Singapore Private Limited, one of the four largest international accounting firms in the world, and Clifford Chance Private Limited, a world-renowned law firm, respectively to engage them for tax and legal advice. Mr. Sin Kwok Lam, Chairman of the Group, stated that, “It will mark a new milestone to the Group if the spin-off listing of Xiqiao National Arts Film Studio Project on SGX succeeded, symbolizing its business steps towards international market. Singapore has been actively promoting the financial industry over the years, it also ranked third in the Global Financial Centres Index, just behind London and New York, in 2016. The spin-off listing will not only introduce more solid investors to the Group, but also broaden the financing channels of the Group. The funds raised by the spin-off listing is intended for clearing the debts of the Group, and the second phase development of the studio as well as the hotel. With the improvement of our gearing ratio and the steady growth of the contributions from sales of studio ticket, lease of shooting areas and hotel rooms, we believe that the Group is entering to harvest period from the cultivation period.” -End- About National Arts Entertainment and Culture Group Limited (Stock Code: 8228) This press release is released by PR ASIA Consultants Limited, on behalf of National Arts Entertainment and Culture Group Limited. Document: http://n.eqs.com/c/fncls.ssp?u=JQQKCWTCOO Document title: National Arts Proposes a Spin-off of Its Film Studio and Hotel Business and Listing on the Main Board of the Singapore Exchange in the form of Business Trust or Real Estate Investment Trust
06/04/2017 Dissemination of a Financial Press Release, transmitted by EQS Group. |