Hip-Hop Star Khanngoen Nuanual Buys Thai Film Distributor M Pictures
variety.comPatrick Frater Asia Bureau Chief Major Cineplex, Thailand’s largest movie industry conglomerate, has announced that it has completed a deal to sell M Pictures Entertainment, one of the country’s leading film distributors.
The buyer is local music star Khanngoen Nuanual. The deal was first announced in February and has now been completed, according to a regulatory filing.
Both Major Cineplex and M Pictures are companies listed on the Stock Exchange of Thailand. Major Cineplex said that Nuanual had purchased 1.2 billion shares, representing 92.5% of the company, at THB0.54 apiece, implying a total transaction valued at THB650 million ($18.8 million).
The filing added that Nuanual is now obliged to make a tender offer to the remaining minority shareholders and that this step is expected to be completed by the end of July.
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