August 4, 2011
Perfect World Co., Ltd. (NASDAQ: PWRD), a leading online game developer and operator based in China, today announced that it has entered into a definitive agreement to sell Perfect World (Beijing) Pictures Co., Ltd., the entity that operates Perfect World’s film business, to Beijing Ever Joy Pictures Co., Ltd., for a total consideration of RMB360 million.
Beijing Ever Joy Pictures Co., Ltd is majority-owned by Michael Yufeng Chi, Perfect World’s chairman of the board and chief executive officer. The transaction has been approved by the board of directors and a special committee consisting of all independent directors of the board.
Perfect World said the transaction is expected to sharpen the company’s focus on its core online game development and operation business and maximize shareholder value over time.