Deloitte Touche Tohmatsu Ltd., the court-appointed agent for Asia Television Ltd. (ATV), has announced the procedure for an open tender of a 10.75 percent stake in the broadcaster by its largest shareholder, Wong Ben-koon, am730 reported Thursday.
The tender documents are expected to be released by Friday. Details, including sensitive financial data, will be available for potential bidders who have submitted a non-refundable deposit of HK$500,000 to review online by Monday.
The auction will be closed on Jan. 26, and the results are to be announced within three to seven days after that.
Lai Ka-yan, Deloitte China’s partner for its southern China operations, said he hopes the tender is successful and said it is too early to talk about winding down the TV station.
The High Court ordered Wong to sell a 10.75 percent stake of ATV to a third party, after which the size of his shareholding will drop to 41.67 percent.
Once the sale is completed, Tsai Eng-meng — the Taiwanese billionaire who chairs mainland food manufacturer Want Want Holdings Ltd. and is ATV’s second-largest shareholder, with a 47.58 percent stake – will become the largest shareholder.
Lai said potential bidders will be invited to visit ATV’s facilities and meet shareholders and management to discuss the terms and conditions of the sale.
Financial power is not the only consideration in finding a new investor for the station, he said.
“We need to examine their business plans,” Lai said.
“It is important that they have solutions to rectify the many problems at ATV. Preferably the ideal candidate should possess experience operating a TV station.”
Lai said ATV’s biggest creditors are its own shareholders.
He said the station still has a few valuable assets, such as its horse racing programs and its networks and connections in mainland China.
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