HK Approves Changes in TVB Shareholding Structure
The Hong Kong Communications Authority has approved an application by TVB for changes in its shareholding structure arising from the transfer of certain shares in Young Lion Holdings Limited (YLH), which indirectly held 26 per cent of the voting shares of TVB via its wholly owned subsidiaries, from its existing shareholders to Ever Port Limited, a company controlled by Mr Kenneth Hsu. The CA also approved an application by Profit Global Investment Limited (PGIL) and related parties to hold up to 3.9 per cent of the voting shares of TVB as unqualified voting controllers as part of the changes in TVB’s shareholding structure.
The changes in the shareholding structure of TVB have taken effect following completion of the relevant transactions today. Upon completion of the transactions, the proportion of the voting shares of TVB held by YLH has been reduced from 26 per cent to 22.1 per cent, with PGIL and related parties receiving 3.9 per cent of the voting shares of TVB in exchange for surrendering all of its YLH shares. YLH remains the major shareholder of TVB, with Mr Hsu becoming the ultimate voting controller of 22.1 per cent of TVB’s voting shares held by YLH.
In approving the applications, the CA is satisfied that TVB will continue to comply with all applicable regulatory requirements under the Broadcasting Ordinance (Cap. 562) and its domestic free television programme service licence, and that it will be able to honour the investment and programming commitments it has made under its licence upon completion of the shareholding changes.
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