EDDIE LEE EDDIE.LEE@SCMP.COM
PUBLISHED : Thursday, 10 September, 2015, 3:08pm
UPDATED : Thursday, 10 September, 2015, 4:33pm
ATV executive director Ip Ka-po claims a mainland investor has bought a 41.66 per cent ATV stake from major shareholder Wong Ben-koon. Photo: K.Y. Cheng
A mainland Chinese consortium allegedly plans to invest HK$5.1 billion in ailing broadcaster ATV over the next six years, according to a top executive.
The purported move is seen as extending a lifeline to the station that has yet to pay wages for last month to some of its employees, nine days after the due date.
“The new investor bought 41.66 per cent of shares in ATV from major shareholder Wong Ben-koon,” ATV executive director Ip Ka-po said.
The Office of the Communications Authority confirmed to the South China Morning Post that it had received the broadcaster’s application for a shareholder change and would process it according to procedures.
Ip announced the long-awaited news at ATV’s Tai Po office this morning, about three months after media reports of a possible investment offer from a consortium in Shandong province.
He played down fears that ATV’s impartiality would be compromised just by being funded by mainland Chinese capital.
“It is absolutely not ‘red’ capital,” he said.
China Culture Media International’s parent company was Sino Finance International Investment. Ip declined to give further details about the backgrounds of the companies, stressing ATV could operate independently and that the new investor would run the station through a management fund.
Nor did Ip elaborate on when his new boss would buy the remaining 10.75 per cent stake still held by Wong Ben-koon and his relative, Wong Jing.
He said China Culture Media would invest a total of HK$10 billion in media business, and that ATV would apply afresh for a free-television licence after failing to secure a renewal.
Administrative problems were holding up the August salary payments to less than 20 per cent of ATV’s staff, Ip said.
He expressed confidence that the new management would solve the problem. “In future, ATV’s staff will get higher pay than now.”
Artist Lau Shek-yin, a long-time employee, said: “It’s good that the new shareholder has promised to invest. We have been suffering for the past six months.”
http://m.scmp.com/news/hong-kong/education-community/article/1856937/mainland-chinese-consortium-coming-atvs-rescue
