Shanda Games subsidiary Actoz to set the IPO price at $35.6

Sina Science and technology news Beijing time June 3, the Grand Game (Nasdaq:game) announced today, its holding subsidiary Actoz Soft has determined the issue of 1.9 million shares subscription price. Under the plan announced earlier, Actoz Soft will issue 1.9 million shares in the form of a stock option. Today, Actoz soft the subscription price to 40150 won (about 35.6 USD) per share. The proceeds from the issuance of new shares will mainly be used to: 1 to strengthen the mobile game strategy of Shanda games, mainly through investment in game development, authorization, mergers and acquisitions, global operations and distribution, and 2 to repay deferred payments related to last year's acquisition of Eyedentity Games 20.5% equity transactions. Shanda's game said in April this year that the Board had approved the company's full participation in subsidiary Actoz Soft's proposed stock option issue in South Korea. Shanda Game board believes that the company's full participation in the Actoz soft is important to ensure that Shanda will continue to hold a majority stake in Actoz Soft and will help develop mobile games for Shanda games and further develop strategies for overseas markets. As of April 19, Shanda Games holds about 51% per cent of Actoz soft. Actoz is South Korea's leading mobile game publisher and developer, and recent games include "Million King Arthur", "Final Fantasy" series and "Monster Empire" and so on. (Li Ming)