Shanda (SNDA) has entered into an agreement with Citigroup Global Markets for the sale by Shanda of an aggregate of 3,703,487 ordinary shares of Sina.com (SINA).
In accordance with U.S. securities laws, Shanda will promptly file with the U.S. Securities and Exchange Commission an amendment to its statement of beneficial ownership on Schedule 13D reporting the transaction and disclosing certain other matters required to be reported on the Schedule 13D.
This sale represents an aggregate net proceeds of approximately US$99,105,312. The sale of the Sina shares is expected to be completed on or about November 9, 2006.
Following the sale, Shanda will continue to hold 6,118,278 Sina shares, representing approximately 11.4% of the issued and outstanding share capital of Sina based on information furnished by Sina in their public filings.
