Star Entertainment (International Holdings), taken over by the Heung family earlier this year, will not need shareholder approval every time it strikes a film distribution agreement with Win's Entertainment, after the stock exchange yesterday granted the company a waiver.
Charles Heung Wah-keung, an executive director at Star Entertainment and chairman of Win's, said the waiver would enable Star Entertainment to carry on its business as a distributor of movies produced by Win's.
The link-up will see distribution agreements, which constitute connected transactions under the listing rules, struck on a regular basis. Mr Heung said Star Entertainment would seek shareholder approval at a special meeting on October 23 for general authority to enter such agreements on behalf of the company.