Crabtree & Evelyn owner Nan Hai buys Chinese cinema business

Orange Sky Golden Harvest Entertainment (Holdings)

25/01/2017 06:45

HONG KONG, Jan 25 (Reuters) - Chinese investment company Nan 
Hai Corp Ltd  0680.HK  has agreed to buy a Chinese cinema 
business from Orange Sky Golden Harvest Entertainment Holdings 
Ltd (OSGH)  1132.HK  for 3.3 billion yuan ($480 million) as it 
expands in the country's movie sector.  
    Nan Hai, which bought the personal care brand Crabtree & 
Evelyn for $175 million in December 2015, in a statement on 
Wednesday said it will purchase 100 percent of City 
Entertainment Corp Ltd, a subsidiary of Hong Kong cinema 
operator and film production firm OSGH, in a cash deal.  
    Nan Hai's shares were up more than 1 percent on Wednesday 
after the announcement, outpacing a flat overall market  .HSI .  
    The move by Nan Hai, which also owns China's second-largest 
cinema investment and management firm, Dadi Cinema Group, comes 
as the country's film industry is expected to pick up this year 
after a lacklustre 2016.  urn:newsml:reuters.com:*:nL1N1EB12G 
    City Entertainment operates and manages 76 cinemas with 531 
screens across China, according to the statement.  
 ($1 = 6.8775 Chinese yuan renminbi) 
 
 (Reporting by Julie Zhu) 
 ((julie.zhu1@thomsonreuters.com; +852 2843 6519; Reuters 
Messaging: julie.zhu1.thomsonreuters.com@reuters.net)) 
 
Keywords: OSGH M&A/NAN HAI CORP