Eternity Investment (00764) said it disposed of 75.8 million shares of China Star Cultural Media Group (08172) in a series of
transactions on open market on 19 December for an aggregate gross sale proceeds of about HK$94.51 million, representing an average selling price of about HK$1.2468 apiece.
The disposed shares represent about 8.24% of the issued share capital of China Star Cultural. Immediately after completion of the disposal, Eternity Investment holds about 7.7% equity interests in China Star Cultural. A gain on the disposal of around HK$67.22 million is expected to be recognised by Eternity Investment.
The investment in the China Star Cultural shares was for the purpose of forming a strategic alliance with Culture Landmark Investment (00674) and China Star Cultural in order to secure a stable supply of films from China Star Cultural for revitalising the Group's film distribution business. However, such investment does not produce the intended result and Culture Landmark is no longer a shareholder of China Star Cultural.
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