Big radio investors are 'open to offers'

Main shareholders who refused to increase their investment in the troubled Digital Broadcasting Corporation say they will consider 'reasonable offers' for their stakes from investors approved by the broadcasting regulator.

But the station's co-founder, Albert Cheng King-hon - who earlier warned that the broadcaster could go off air early next month amid infighting and a lack of new investment - said he would not buy the shares held by DBC's chairman, businessman Wong Cho-bau, who is also a member of the Chinese People's Political Consultative Conference.

Cheng, who claims Wong's decision not to inject extra cash was politically motivated, added that he might take legal action against Wong in an attempt to stave off liquidation.

Wong said in a statement yesterday that his decision not to put more money into the broadcaster was 'purely out of business considerations and to fulfil the legal responsibility of a board director'.

'I and several shareholders are willing to consider reasonable offers from eligible investors. However, we have not received any concrete offer to purchase our shares so far,' Wong said in a statement co-signed by other shareholders including Vtech chairman Allan Wong Chi-yun, Bank of East Asia chairman David Li Kwok-po and his brother Arthur Li Kwok-cheung, a member of the Executive Council. Between them, they own half of the shares in the broadcaster.

An eligible investor would be a person approved by the Office of the Communications Authority.

Wong said the decision not to invest an additional HK$50 million into the company in May came because management refused to co-operate with him in allowing auditors to examine DBC's books.