Vista Group International Limited announced that it has signed agreements which bring Vista China back as a consolidated entity of Vista Group.
Following a successful 18 month period of minority ownership, during which Vista China has almost doubled its revenue, Vista Group has agreed with its partner WePiao that the time is right for Vista Group to increase its stake and play a greater part in the future of the Vista China business.
To that end Vista Group confirms that it has signed an agreement with Beijing Weying Technology Co, Limited (WePiao) to acquire 7.9% of the equity in Vista Entertainment Solutions Limited, Shanghai (Vista China) which was held by WePiao – with the result that Vista Group and WePiao will each own 47.5% of Vista China. Through shareholder agreements Vista China will become a controlled entity within Vista Group and its results will be consolidated from the date regulatory approval is obtained.
The $NZD7.7m price for this 7.9% stake (based on the original valuation of Vista China in 2016) has been ‘set-off’ against the monies outstanding from WePiao to Vista Group on the original equity purchase undertaken by WePiao in 2016.
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