(Beijing, China--December 2, 2013) Bona Film Group Limited ("Bona" or the "Company") (Nasdaq:BONA), a leading film distributor and vertically integrated film company in China, today announced that Bona Film Group Co., Ltd. (PRC) has entered into a master credit line agreement with Shanghai Pudong Development Bank Co., Ltd., a premier nationwide commercial bank in China. Pursuant to this agreement, Shanghai Pudong Development Bank has agreed to provide a revolving credit line in the amount of RMB80 million (approximately US$13.0 million) for a term of three years. The credit line will be used to fund the continued expansion of the Company's movie theater business.
"We are pleased to add Shanghai Pudong Development Bank to the group of first-rate financial institutions who have partnered with Bona in our pursuit to become China's largest non-state owned film producer, distributor and exhibitor," said Mr. Yu Dong, Founder, Chairman and CEO of Bona. "Our theater business has been a strong contributor to Bona's success in 2013, and it is a key component to the longer term growth strategy of the Company. At the end of this year, we will have a total of 21 theaters with 173 screens in operation and seven new theaters under construction. In the first half of 2014, we expect to open four to five additional theaters. We expect this credit facility to support our growth plans in these areas, and we appreciate the support of Shanghai Pudong Development Bank and their confidence in Bona."
About Bona Film Group Limited
Bona Film Group Limited (Nasdaq:BONA) is a leading film distributor in China, with an integrated business model encompassing film distribution, film production, film exhibition and talent representation. Bona distributes films to Greater China, Korea, Southeast Asia, the United States and Europe, invests and produces movies in a variety of genres, owns and operates twenty-one movie theaters and manages a range of talented and popular Chinese artists.
For more information about Bona, please visit http://www.bonafilm.cn
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