Prime Focus Subsidiaries to Receive $100M Investment from Multiples

Prime Focus Ltd (PFL) announced that its material subsidiaries, BHL and Brahma India, along with step-down subsidiary Double Negative Holdings Limited (UK), are set to receive investments totaling USD 100 million from Multiples Private Equity Gift Fund IV and Multiples Private Equity Fund IV. Multiples will invest USD 54.36 million in BHL and USD 45.64 million in Brahma India via CCPS. The overall fundraising round led by Multiples is targeted at USD 150 million, with indications of further demand exceeding USD 150 million. As part of the transaction, Multiples' investment in Brahma India will be swapped for BHL shares, making BHL the sole owner of Brahma India. Consequently, BHL and Brahma India will cease to be PFL's subsidiaries and will become associate companies, though PFL will retain over 50% shareholding indirectly. PFL's voting rights in BHL will reduce to 24.99% from 89.27%, and it will have the right to appoint one director. The transaction requires shareholder approval.