Held on 27 April 2016
Prime Focus announced that the Board of Directors of the Company at its meeting held on 27 April 2016, inter-alia, considered and approved following:1. Divestment of 30% stake in Digital Domain-Reliance, LLC("DD-Reliance"), to the existing holder of the remaining 70% stake in DD-Reliance, which is ultimately wholly-owned by Digital Domain Holdings ("DDHL"), whose shares are listed on the Main Board of The Stock Exchange of Hong Kong and
2. Entering into a proposed 50:50 JV with DDHL to carry on Virtual Reality and Advertising businesses in India (the "New JV") on terms as may be agreed between the parties
At a total consideration of US$ 55million worth of shares in the Hong Kong listed DDHL based on an issue price of HK$0.596 per share of which US$30 million is for stake sale.
The said transaction would not fall within related party transactions and the promoter/ promoter group/ group companies does not have any interest in the transaction.
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