quits stake deal

PUBLISHED : Tuesday, 03 June, 2003, 12:00am
UPDATED : Tuesday, 03 June, 2003, 12:00am has scrapped its purchase of a 50 per cent stake in mainland outdoor media firm Yanhuang PRC. said yesterday the deal was terminated after conditions were not fulfilled by last Saturday. However, a spokeswoman did not rule out the possibility of it acquiring the stake in the future.

The 45.73 million yuan (HK$42.86 million) transaction was due to be settled in cash and shares.

Separately, said it was seeking a consensus from all related parties - including minority shareholders - on its purchase from AOL Time Warner of a stake in Chinese Entertainment Television Broadcasting (CETV).

CETV chairman Robert Chua - who has a 4 per cent stake in the broadcaster - said he had indicated his approval to

AOL has an 80 per cent stake in CETV.

The remaining 16 per cent is held by a Hong Kong-based privately run investment firm.