China Mobile Games and Entertainment raises $16.4 million through ADS sale

China Mobile Games and Entertainment said it plans to raise $16.4 million through the sale of American Depositary Shares in a private placement. The funds will be used to buy third-party game licenses and intellectual property and to finance product development. The company is selling the shares at $14.50 each. The National Council for Social Security Fund will acquire 1,035,000 ADSs; ICBCCS Global China Opportunity Equity Fund will acquire 88,000 ADSs and ICBC Credit Suisse

Asset Management (International) Company will acquire 10,350 ADSs.