Date
26 September 2017
Financial woes have led to ATV seeking new investors in the Hong Kong television broadcaster. Photo: HKEJ
Financial woes have led to ATV seeking new investors in the Hong Kong television broadcaster. Photo: HKEJ

Six parties said to review ATV books ahead of potential deal

Six institutions have so far signed agreements with Asia Television Ltd. (ATV) to review financial data and other sensitive information pertaining to the troubled broadcaster, which is seeking a buyer, according to a report.

An open tender for a stake sale will close on Jan. 26 and the result will be announced in due course, Am730 reported, citing ATV senior vice president Yip Ka-bo. 

A court has appointed Deloitte Touche Tohmatsu Ltd. to find a buyer for the broadcaster, whose largest shareholder is planning to sell a 10.75 percent stake.

According to the tender documents, interested institutions have to submit a non-refundable deposit of HK$500,000 to review sensitive financial data.

Meanwhile, the report also said that ATV expects to pay half of the December salary to employees within this week and the remainder before end of this month.

Financial difficulties had led the broadcaster to go into arrears in staff salary payments in recent months.  

The company has been relying on loans and investments from shareholders or investors to meet some of its expenses.

Yip said the broadcaster expects to raise more than HK$1 million in a charity performance on Friday. The money will be used to pay the employees, he was quoted as saying.

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