New Silkroad Culturaltainment Limited looks to South Korea to sustain its development

Date: 04 Dec 2015

New Silkroad Culturaltainment Limited plans to acquire a 55% interest in South Korean Macrolink Glory Hill Co., Ltd. from its grandparent company, Macrolink International Land Co., Ltd., for 27.078bn South Korea Won (or $22.5m). Macrolink Glory Hill is a wholly owned subsidiary of Macrolink International.

New Silkroad Cultraltainment also announced on 13 August 2015 its intention to invest 38.5bn Won (or $32.2m) for a 51.5% equity interest in Development Golden Beach Co., Ltd., a recreation company located at South Korea’s JeJu Island.

New Silkroad Culturaltainment Limited produces and distributes wine and baijiu products in China. Its sales revenue has declined since 2012 with the weak demand for wine and baidu in China. Therefore it has turned to Jeju Island, leveraging on the island’s booming tourism sector, to bolster its profitability and sustainable growth.

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