Global to expand Chinese chain

Company raises $2.54 million

By PATRICK FRATER

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HONG KONG — Global Entertainment Group, a London-listed Asian entertainment investor, has raised £1.3 million ($2.54 million) in a share placing.

Global intends to use the proceeds to expand its chain of cinemas in China, chairman Dr. Johnny Hon said.

Company sold new shares at 1.5 pence ($0.03) each. Move values the company at $8.71 million.

Following the placing, Daiton Global owns 24% of the company.