Phoenix draws up $1b expansion plan

PUBLISHED : Wednesday, 17 May, 2000, 12:00am
UPDATED : Wednesday, 17 May, 2000, 12:00am


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Television operator Phoenix Satellite Television is planning to invest HK$800 million to HK$1 billion in two new channels and a programme production base, according to sources.

A finance channel named InfoNews Channel, to be targeted at mainland viewers, and a Cantonese channel aimed at overseas Chinese are planned for the next two years.

The company would revamp its existing Web site into an Internet business, launch a weekly magazine and build a production base in Shenzhen, the source said.

Phoenix's expansion will be financed by the proceeds of its initial public offering on the Growth Enterprise Market.

The company, which received the green light from Hong Kong Exchanges and Clearing last month, is expected to start trading by the end of next month.

The listing would value Phoenix at US$710 million to US$865 million, according to BOCI's research report.

Phoenix recorded a net loss of HK$78 million and revenue of HK$315 million for the year to June 30 but is expected to return to profit this year.