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Business News Retail
HMV Hong Kong raises new finance through share sale
By Chris Cooke | Published on Friday 4 March 2016
The private equity firm which bought the HMV business in Hong Kong and Singapore has announced it has sold just over 18% of the company to Japan-based World Innovation Lab.
As previously reported, AID Partners bought HMV’s six stores in Hong Kong and two in Singapore in 2013 when the UK-based entertainment retailer fell into administration. The private equity outfit also secured the rights to the HMV brand in China, Macau and Taiwan.
AID Partners says that the $9 million generated by the share sale will be used as general working capital at its HMV company, while it hopes the alliance with World Innovation Lab, which has a number of investments in the technology and media sectors, will also bring to the table strategic expertise to help further develop and promote the business.
The Hong Kong-based HMV is a totally separate company to the UK business, which was bought out of the aforementioned administration by Hilco, which had already acquired the HMV Canada company two years earlier. As also previously reported, the Hilco-owned HMV has also begun a new round of international expansion, with the plan to move into new markets through brand licensing arrangements.
