Beijing iRena Culture Co. Ltd announced officially yesterday that its subsidiary Glassy Mind Holdings Limited has reached a purchase agreement with the shareholders of Ourgame International Holdings Limited, an online card and leisure games developer and operator in China.

According to the agreement, Glassy will buy 186.8 million shares of Ourgame, which is about 23.78% of the issued share capital, for a total of HK$1,141 million at HK$6.1062 per share. Glassy will also purchase an additional 39.2 million shares of Outgame from the Kongzhong Corporation.

Beijing iRena Culture debuted on the New Three Board earlier this month. The company is engaged in the promotion of sporting events, the provision of sports related leisure services, sports marketing and consultancy services. It aims to become a leading platform for the sports industry covering major events like CSL, CBA, China Open and NBA in China. This purchase will enable iRena to expand its business into the online card and games operation, which is Ourgame’s core business.

Source:China News

Proofread by John Devlin