Ashurst acted for Lai’s Holdings (LHL), the founding shareholder of Kadokawa Intercontinental Group Holdings Limited (KIGH), on the proposed sale of the KIGH Group to Hong Kong-listed companies within the Lai Sun Group. eSun will acquire an 85 per cent. stake in the KIGH Group and Lai Sun will acquire a 100 per cent. stake in the properties currently held by the KIGH Group. As part of this transaction, Toyko-listed shareholder Kadokawa Corporation will sell all its stake in KIGH Group to the same buyers. The total consideration involved is about HK$342 million. LHL will remain a minority shareholder of the KIGH Group after closing.
KIGH Group is principally engaged in the operation of cinemas in Hong Kong and PRC (including The Grand Cinema and the MCL chain of cinemas) and the distribution and sale of films, video games and DVDs. eSun and Lai Sun are members of the Lai Sun Group controlled by Lam Kin Ngok Peter. Media Asia, one of the leading film makers and entertainment studios in Hong Kong and China, is also a member of the Lai Sun Group.
The Ashurst team was led by Hong Kong corporate partner Jonathan Hsui, supported by associate Justin Seto.
