Approval of Cityneon stake sale by Star Media shareholders triggers 90 cents per share general offer

SINGAPORE (July 7): Shareholders of Star Media Group have approved the sale of the company’s stake in Cityneon Holdings, triggering a mandatory general offer of 90 cents for each share.

In an EGM held earlier today, Star Media shareholders approved the sale of their 52.51% stake in Cityneon to Lucrum 1 Investment for a consideration of $115.6 million.

Lucrum 1 Investment is an investment holding company controlled by three key directors. Ron Tan, CEO of Cityneon owns a 15.5% stake in the vehicle with 76% held by Chinese investment holding company Massive Right Investments and 8.5% held by Mutual Power International.

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