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Cai Yan-ming, chairman of Wantwant buys ATV shares

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Cai Yan-ming, chairman of Wantwant buys ATV shares

source: takungpao

translated by cici@AsianEU

 

Cai Yan-ming, chairman of WantWant purchase ATV shares on behalf of his family, and whether ATV can be brought back to life will have to wait and see

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In financial hardship, there is further changes to ATV shareholders, and ATV non-executive director Chan Wing-kei confirmed yesterday that STAR WANTWANT GROUP TAIWAN Chairman CAI Yan-Ming plans to purchase ATV shares owned by a Dutch Bank in the name of the family; and Payson Cha family continues to have a controlling stake in ATV. Chan Wing-kei described the transaction for the financial stringency of the ATV is definitely "a toast", and believed the future of ATV will be moving in the right direction.

 

ATV personnel changes constantly, and equity has changed hands several times. At present, there are four ATV shareholders and holding the largest stake is Alnery which is currently owned by Payson Cha family, former Chief Executive Officer of ATV Fei To Yee and ABN AMRO, controlling almost half of the total equity of the ATV. Some of the shares hold by ABN AMRO Bank at present is bought by Cai Yan-ming. In addition to Alnery equity, Payson Cha and family also holds more than 10 percent of ATV equity through Shun-Tai Group, so Payson Cha and family still have control of ATV equity, and the ratio of stake in ATV owned by Alnery will remain unchanged.

 

Cai Yan-ming background is not small; according to "Forbes" estimates, Cai Yan-ming has a net worth of 2.6 billion U.S. dollars or about 20.28 billion Hong Kong dollars. Cai Yan-ming mentioned a number of times in recent years of hoping to become shareholders of media organizations, therefore in Taiwan as a private citizen, he bought media companies such as Chinatimes. This time, the largest ATV shareholder is Alnery and its equity is owned by joint-venture company consisting of Cai Yan-ming and Alnery. Cai Yan-ming will inject capital into ATV so that ATV can continue normal operation.

 

When responding to this reporter's inquiries, Chan Wing-kei said, "Mr. Cai has robust economic strength, and is familiar to television media, and I believe he can provide various support in financial resources to ATV... ... together with the shareholder ABN AMRO Bank under Scotland acquisition, and Bank of Scotland was also takeover by the government, therefore ABN AMRO has been in a weak position, so Mr. Cai is a very smart investor".

 

As for the future production policies of ATV, Chan Wing-kei says, "ATV is still a tv station controlled by the people of Hong Kong. Though holding power is in the hands of Mr Payson Cha, ATV's approach to the future is based on the best direction for the development of ATV, I see the future ATV's capital will be more solid.", asked about how attractive is ATV under the financial hardship? Chan Wing-kei believes that ATV as one of two free television stations in Hong Kong is definitely has its attractions, but he did not further disclose the price and transaction details.

 

ATV has been frequently exclaiming they are poor earlier, ATV Executive Linus Cheung has said, "In the past two or three decades, ATV has lost more than five billion... ...such that it's considered a miracle of ATV without closing up", He also says that ATV needs at least nearly one billion dollars in the next three years in order to revive, and hopes that ATV can turn losses into profits in the next two to three years, as well as becoming a listed company in five years. As for the equity to change hands, ATV management has yet to comment.

 

Commerce and Economic Development Bureau spokesman says the BA has not yet received the application of change in ATV shareholding. The spokesman says that ATV as a free-to-air television licensees, once a change in ownership, it needs to apply to the BA.

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Wow ATV is doing that bad? Figures but I dont understand how they can compete with TVB who is supposedly that it is financially in trouble. I think MR. cai should reconsider his decision

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again a new shareholder

atv bosses and management changes too often

i hope with new capital injection, they can change and be competitive with tvb

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all those atv news happened a while ago(changes to atv bosses and miss atv?) were enough to shock me. i didnt know atv is in such a bad financial status, but i don't want it to be closed.

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ATV is that bad now ?

ATV i hope it doesnt go closed cuz i still want to watch movies from ATV

Edited by Zerol

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I am surprised that ATV is doing this bad. ATV is in disarray and its shareholders only care about their own interests (not the company's interests), no wonder ATV can never compete with TVB.

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