Shanda Interactive (SNDA) Plans to Submit Confidential Registration Statement for Possible IPO of Shanda Games

May 26, 2009 7:49 AM EDT

Shanda Interactive Entertainment Limited (Nasdaq: SNDA) announced today that it plans to submit a draft registration statement on a confidential basis to the U.S. SEC for a possible initial public offering of Shanda Games Limited, a Cayman Islands company which is currently wholly owned by the Company and operates the Company's online games business.

The purposes of the Proposed IPO, if commenced and completed, are, among others, to further Shanda's development as an interactive entertainment media company and to provide Shanda Games with a sharper focus and greater flexibility to pursue strategic opportunities in enhancing its leadership position in the online games sector. Shanda expects to remain Shanda Games' majority shareholder after the completion of the Proposed IPO.

The Proposed IPO is expected to commence as capital markets conditions permit and is subject to Shanda Games' filing with the SEC a registration statement on Form F-1 in compliance with the U.S. Securities Act of 1933, as amended, and the SEC declaring such registration statement effective. The number of shares proposed to be offered and sold and the dollar amount proposed to be raised in the Proposed IPO have not yet been determined.

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