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The Broadcasting Authority has approved the proposed change in the shareholding and ownership structure of Asia Television Limited arising from the introduction of a new shareholder.
New shareholder Antenna Investment Limited will acquire all the 47.58% voting shares of ATV that existing shareholder Alnery No. 112 Limited holds.
Pelaka Investments Limited (51%), owned by Payson Cha and Johnson Cha, and San Want Media Holdings Limited (49%), owned by Tsai Eng-Meng, will control Antenna.
The proposed change in shareholding and ownership structure will facilitate new investment to the company and strengthen its financial position, the authority said.
The authority's approval is subject to the condition that ATV shall continue to comply with all relevant regulatory requirements applicable to it and the statements, representations, assurances and undertakings made by ATV and the undertaking made by Mr Tsai to safeguard freedom of expression and editorial independence of ATV after the shareholding changes.
ATV will continue to comply with the regulatory requirements under the Broadcasting Ordinance after the changes in shareholding and ownership structure. In particular, ATV will remain a company incorporated in Hong Kong and its control and management shall continue to be bona fide exercised in Hong Kong.
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