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Prime Focus to form virtual reality and advertising JV in India

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MUMBAI: Prime Focus Limited (Prime Focus) has informed the bourses that its board of directors at its meeting held on April 27, 2016, inter-alia, considered and approved the following:

Divestment of 30 per cent stake in Digital Domain-Reliance, LLC (DD-Reliance),  to the existing holder of the remaining 70  per cent stake in DD-Reliance, which is ultimately wholly-owned by Digital Domain Holdings Limited (DDHL), whose shares are listed on the main board of The Stock Exchange of Hong Kong Limited .

Entering into a proposed 50:50 JV with DDHL to carry on Virtual Reality and Advertising businesses in India on terms as may be agreed between the parties

At a total consideration of US$ 55million worth of shares in the Hong Kong listed DDHL based on an issue price of HK$0.596 per share of which US$30 million is for stake sale.

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