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BEIJING, Sept. 30, 2013 (GLOBE NEWSWIRE) -- Bona Film Group Limited ("Bona" or the "Company") (Nasdaq:BONA), a leading film distributor and vertically integrated film company in China, today announced that the Company has secured an investment from Fosun Group (Fosun International Limited, 00656.HK, and its subsidiaries) ("Fosun"), a leading, large-scale group with a focus on China's growth momentum in areas such as insurance, industrial operations, property development, investment and asset management.
Under the investment agreement, Fosun will acquire 2,000,000 Bona ordinary shares, representing a 6.4% equity stake in the Company, at an average price of $10.40 per share, or $5.20 per American Depositary Share. Fosun acquired the shares from Matrix Partners China Funds and some of Bona's pre-IPO shareholders. Bona's financial investor Matrix Partners China Funds will have exited its position post this transaction.
"We are very pleased to announce this investment by one of the leading large-scale groups in China," said Mr. Dong Yu. "Fosun has extensive experience and past successes in multiple areas, including property development in many major Chinese cities, and we believe this investment will create meaningful synergies between the two parties."
"Since our IPO in 2010, we have developed our business tremendously and made important progress to diversify our ownership structure by bringing in News Corporation as our strategic investor in May, 2012. This investment from Fosun represents yet another milestone for Bona's ownership structure enhancement. China's movie theater space is amid an exciting and crucial period of growth and we look forward to becoming a leading theater operator in China with the support of our investors and partners," said Mr. Dong Yu.
As a result of this transaction, Mr. Yu's ownership will be reduced to 7,552,506 ordinary shares (not including options to purchase 922,017 ordinary shares), representing approximately 24.1% of the Company's ordinary shares outstanding. The transaction is expected to close in the next 10 days and is subject to customary closing conditions.