The Communications Authority has granted a formal approval for Forever Top (Asia) to hold 43.22% of the voting shares in i-CABLE Communications with effect from September 15.
The authority made the decision after reviewing the latest submissions by Cable TV and Fantastic TV in relation to their applications for proposed changes in their shareholding structures.
The changes will be made upon completion of the issue by i-CABLE of new shares to its shareholders by way of an open offer and the conversion of a loan facility provided by Wharf (Holdings) to i-CABLE to new shares to be issued by i-CABLE to Wharf (Loan Capitalisation).
Both the open offer and loan capitalisation are triggered by the equity injection plan into i-CABLE, the major shareholder of Cable TV and Fantastic TV.
In granting its formal approval, the authority said it is satisfied that Cable TV and Fantastic TV will continue to comply with the Broadcasting Ordinance and will be able to honour their investment and programming commitments.
Forever Top has informed the authority it will withdraw the free TV licence application it submitted in 2015 after it becomes the major shareholder of i-CABLE upon completion of the shareholding changes.
