Searainbow to Sell Off Ourgame Stake

GameLook, 8/05/10

Searainbow Holding (000503.SZ) announced today that it had signed a memorandum of intent with Beijing-based Wei De Wo Fu Investment Advisors to sell off its 50% stake in online gaming subsidiary Ourgame to Wei De Wo Fu or a third-party of its choosing, as well as its 35.3% stake in Ourgame Assets Ltd. (OAL) for a total USD 27.7 mln. Following the sale, Searainbow will no longer directly or indirectly hold any equity in Ourgame or OAL.

The sale will be conducted in two halves: the first half will see Searainbow sell off 36.7% of its stake in Ourgame and 22% of its stake in OAL for a total USD 17 mln, and is expected to be completed within three months. The second half of the sale, covering the remaining 13.3% of Ourgame and 13.3% in OAL, will total USD 10.7 mln, and will take place within 36 months of the first half of the sale.

Keywords: divest online gaming Ourgame Internet Searainbow 000503.SZ Wei De Wo Fu

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