Shui On unit takes more Imagi

Subsidiary buys shares in 'Astro Boy' animator

HONG KONG -- Imagi International, developer of "Astro Boy," said Thursday that it has sold an additional 7.56% stake in the company to a subsidiary of Hong Kong property developer Shui On Holdings.

The $10 million purchase of 90 million Imagi shares, which will fund the development of four new animated features, increases the Shui On subsidiary's stake from 3.01% to 10.41%.

"Astro Boy" is the CG-animated film version of Japanese director Osamu Tezuka's classic. Imagi's version will be released internationally in 2009 by Summit Entertainment -- excluding Japan, Hong Kong and China.

Shui On Holdings is itself a unit of the Shui On Group, privately owned by property tycoon Vincent Lo. Imagi also will transfer 40 million gift shares to the Shui On subsidiary, 7.6% of the company. The sale will be completed Sept. 22.