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ATV - Asia Television Limited

Hong Kong court allows controlling stake in ATV to be sold to mainland investor

Former boss Wong Ching sells shares to Si Rongbin’s Star Platinum, after other parties withdraw objections to deal

PUBLISHED : Friday, 12 August, 2016, 3:56pm
UPDATED : Saturday, 13 August, 2016, 12:08am

The High Court on Friday allowed the controlling stake in defunct broadcaster Asia Television to be formally sold to a mainland investor, who claimed he had a rescue plan for the troubled firm.

ATV’s former boss Wong Ching, who had filed a petition to wind up the company to recoup his losses, agreed to sell shares under his control to Si Rongbin’s Star Platinum.

But the deal was earlier blocked by ATV’s other creditors, including listed company China Trends, who feared that their interests would be jeopardised.

On Friday, High Court judge Mr Justice Jonathan Harris validated the transaction after hearing that the parties would no longer object to the share transfer and that the dues for the shares had been paid by Si.

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Neither Wong or Si appeared in court. Their lawyers declined to give details about the terms of the agreement.

It was also not revealed whether Wong would continue his bid to wind up ATV, which pulled the plug and ended 59 years of broadcasting service in April, after the share deal.

The liquidation petition against the company was adjourned until September 5.