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Zhejang Daily Media to raise RMB 2.5 bln via private placement

Jun. 5, 2012 (China Knowledge) - Zhejang Daily Media Group Co Ltd<600633> announced yesterday that the Finance Department of Zhejiang Province has approved it to raise up to RMB 2.5 billion through a private placement.

The company said in a statement that its controlling shareholder Zhejiang Daily Media Holding Group Co would subscribe at least 10% of the new shares.

Proceeds from the deal will be used to fund the acquisition of the 100% stake in a Hangzhou-based online game company and the 100% stake in Shanghai Haofang Online Information Technology Co Ltd.

The company will hold a shareholders' meeting to discuss the plan on Monday.

Zhejang Daily Media Group earlier reported a net profit of RMB 37.02 million for the first quarter of this year, 23.39% less than in the same period of 2011. Operating revenue climbed 0.31% YoY to RMB 292.87 million in the period.

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