“Father of the red chips” Francis Leung Pak-to is leading animation company Imagi to tap into the education business

October 21, 2013 Leave a comment

Imagi sets sights on education sector
Grace Cao
Monday, October 21, 2013
“Father of the red chips” Francis Leung Pak-to is leading Imagi International Holdings (0585) to tap into the education business by making use of HK$634.2 million received from a substantial sale. The firm announced yesterday it will tap the education sector in Hong Kong, Taiwan and the mainland, by developing 180 to 220 episodes of a film series with a new animated character it will develop in the next two years.Later, it hopes to expand the brand by broadcasting, and finally use the character to develop education programs that will be distributed through online platforms and learning centers. Children and teenagers are the target audience, the firm said.

The new business is expected to involve an expenditure of up to HK$215 million, including potential acquisitions. Imagi also plans to revitalise its computer graphic imaging business by using HK$30 million to produce an animated movie called Cat Tale in both Putonghua and Cantonese in the next 18 months and spend another HK$20 million on development.

Leung spent HK$814 million in 2011 on acquiring brand manager Toon Express, which owned the popular animated series Pleasant Goat and Big Big Wolf. He sold the rights last month for HK$634.2 million.

Imagi will spend HK$100 million on a commercial property in Hong Kong, another HK$100 million on bonds and a further HK$100 million on share repurchases. Imagi shares closed at 9.5 HK cents on Friday.

Filed under Macro Trends

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