23rd Apr 2015 08:37
LONDON (Alliance News) - Red Rock Resources PLC Thursday said its Resource Star Ltd Australian associate has agreed a deal to acquire a 60% stake in Okmno Asia Ltd, which produces and distributes Candy Crush-branded confectionary in China.
Under the deal, Resource Star will buy a 60% stake in Sugar Dragon Ltd, which owns a 72.5% stake in Okmno. Okmno Asia currently holds a four-year licence to produce and distribute confectionary in China branded under the Candy Crush name. Candy Crush is a highly popular mobile game.
Resource Star will pay AUD300,000 initially to Sugar Dragon, with a further AUD200,000 convertible loan to be provided after completion. A further AUD3.625 million will also be paid upon completion.
Shares in Red Rock were down 2.4% to 0.083 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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