The Hong Kong Communications Authority (CA) has approved applications by Hong Kong Cable Television Limited (HKCTV) and Fantastic Television Limited (Fantastic TV) for changes in their shareholding structures arising from the transfer of certain shares of Forever Top (Asia) Limited (Forever Top), which holds 43.22 per cent of the voting shares in i-CABLE Communications Limited (i-CABLE), from its existing shareholders to Celestial Pioneer Limited (Celestial Pioneer). The CA’s approval would enable Celestial Pioneer to proceed to make a general offer for the shares of i-CABLE.
According to HKCTV and Fantastic TV, the shareholding changes would not bring about any material change to the legal and beneficial ownership of the licensees. Upon completion of the changes in the shareholding structures of HKCTV and Fantastic TV, Forever Top will maintain its present level of shareholding of 43.22 per cent in i-CABLE, the major shareholder of HKCTV and Fantastic TV.
In approving the applications, the CA says it is satisfied that HKCTV and Fantastic TV will continue to comply with all applicable regulatory requirements under the Broadcasting Ordinance (Cap. 562) and the licences concerned, and that they will be able to honour the investment and programming commitments they have made under their respective licences after completion of the shareholding changes.