Searainbow Sells Stake in Ourgame
Domestic pharmaceuticals e-commerce business Searainbow Holdings (000503.SZ) has signed a letter of intent to sell its 50% interest in Beijing-based game company Ourgame as well as its 35.3% stake in subsidiary Ourgame Assets Limited (OAL) to Beijing Weide Wofu Investment Consulting for $27.7 million, Searainbow announced August 5. According to the announcement, the buyer was established in July 2010.
The remaining 50% stake in Ourgame is held by company founder Bao Yueqiao, while OAL is 55% owned by Korea's NHN Corp (035420.SEO), the report said.
Shanda Interactive (Nasdaq:SNDA) and Perfect World (Nasdaq:PWRD) were rumored in February to be in talks to take over NHN's stake in OAL.
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