Yahoo Finance Bruce Lee film studio weighing sale of Singapore cinemas, sources say
By Elffie Chew and Manuel Baigorri
(Bloomberg) — Orange Sky Golden Harvest Entertainment Holdings Ltd. is considering selling its movie theaters in Singapore and Taiwan and seeking a valuation of at least $400 million for the assets, according to people familiar with the matter.
The Hong Kong-listed company is working with advisers on the potential divestment and has reached out to potential investors, the people said. The filmmaker may also consider selling its cinemas in Hong Kong, depending on investor response, the people said.
Other cinema operators and investment firms have shown initial interest, said the people, who asked not to be identified as the information is private. Considerations are preliminary and Orange Sky Golden Harvest may still decide against a deal, the people said. A representative for the firm didn’t immediately respond to requests for comment.
Shares in Orange Sky Golden Harvest surged as much as 23% on Thursday and touched the highest level since October after the Bloomberg News report. The stock was up 7.7% at the close, valuing the firm at about $15 million.
Previously known as Golden Harvest, the movie studio was co-founded by Hong Kong filmmakers Raymond Chow, Leonard Ho and Leung Fung in 1970, according to its website. Businessman Wu Kebo became the largest shareholder in 2007 and the company was renamed Orange Sky Golden Harvest two years later.
Orange Sky Golden Harvest engages in film production, financing and distribution and has been behind some of Hong Kong’s most popular movies including The Big Boss and Fist of Fury starring Bruce Lee and The Young Master and Project A starring Jackie Chan.
Singapore contributed to almost half of Orange Sky Golden Harvest’s revenue of HK$396 million ($51 million) in the first half of 2023, according to its latest financial report. Operating under the Golden Village brand, the company had 15 cinemas with 119 screens in the city state as of June 30, 2023. In Taiwan, Orange Sky Golden Harvest operated 17 cinemas with 182 screens. The company ran 10 movie theaters with 37 screens in Hong Kong.
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