Hong Kong broadcaster TVB to apply for trading to resume on Monday
Television Broadcasts, Hong Kong’s dominant free-to-air television broadcaster, said an application will be made to the stock exchange for trading to resume in its shares on Monday after a one week suspension.
“The company requires a further extension for the despatch of the offer document pending
the outcome of its intended application for judicial review,” according to the firm’s filing to the Hong Kong stock exchange on Friday.
In January, TVB offered to repurchase 31.5 per cent of its shares for HK$4.21 billion. Young Lion, the majority owner of TVB, has indicated it will not take up the offer, which would see the TVB stake held by Young Lion and its affiliates rise to 41.19 per cent. As a result, a mandatory general offer will be triggered by Young Lion under the city’s takeovers code.
A further announcement will be made in due course regarding the outcome of the company’s
intended application for judicial review, according to the company statement on Friday.
“At this time, there is no certainty that the offer will proceed. Shareholders and
potential investors in the company should therefore exercise caution when dealing in the
shares of the company,” it said.
Shares of TVB last traded at HK$28.8 before they were suspended on May 22.