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TVB requests its shares resume trading on Monday morning

Trading has been suspended since April 28 as regulator mulls implications of buyback

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Television Broadcasts Ltd (TVB) has made an application to the Hong Kong stock exchange for trading in its shares to resume at 9am on Monday, following Wednesday’s publication of a ruling by the SFC’s Takeovers and Mergers panel.

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Trading in shares of Hong Kong’s largest free-to-air broadcaster have been suspended since April 28, pending the release of what TVB described at the time as “an important announcement.”

The ruling from the panel regarded a so-called whitewash waiver pertaining to the ongoing saga surrounding TVB’s share buyback.

In January, TVB offered to buy back 31.5 per cent of its shares for HK$4.21 billion.

This has proved controversial, and on Thursday Silchester International Investors, a London-based fund which owns 14.1 per cent of TVB, reiterated its demand that the broadcaster cancel its buyback offer and pay a special dividend to minority shareholders instead.

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Wednesday’s ruling relates to the ownership implications of the buyback, as a group dominated by the company’s largest shareholder has indicated that it would not accept the offer.

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