SINGAPORE (May 18): Imperium Crown, the property developer and investment company, is planning to increase its acquisition stake in Global Entertainment Media (GEM) from 27% to 60% for a purchase consideration of $53.5 million.

The move comes after GEM’s subsidiary Fei County Wonder Stone Characteristic Town Development Co., secured an additional 10 years to the 50-year operating rights of tourist attraction Wonder Stone Park in Feixian County, Linyi City, Shandong province, China.

Wonder Stone Park is a “AAAA” rated tourist attraction, famous in the Shandong region for its naturally occurring limestone boulders. GEM owns a 80% stake in Fei County Wonder Stone while the remaining 20% is held by a state-owned enterprise representing the state government of Feixian County, Shandong.

Earlier on Feb 27, Imperium Crown entered into an agreement with Fortsmith Investments to acquire 27% of GEM. Subsequent to further negotiations and discussions, the parties have agreed under the latest amended terms of the proposed acquisition that Imperium Crown will increase its acquisition stake in GEM to 60%.

The long-stop date for the proposed acquisition has been extended to Sept 30.

The purchase consideration for the company’s enlarged stake in GEM will be funded by a combination of proceeds raised from capital fundraising or bank financing, as well as the company’s internal funds.

Imperium Crown will convene an extraordinary general meeting seeking shareholders approval for the proposed acquisition.

Shares of Imperium Crown closed at 13 cents.