Television

Asiasat to be privatised

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/tv-images/2016/05/02/satellite.jpg?itok=2_f9FWlm

MUMBAI: Asian satellite service provider Asiasat has said that its major shareholder plans to take the company private to allow management to focus on business development in a competitive market.

Under the proposed privatisation there will be a scheme of arrangement under which all shares, including all shares underlying American Depositary Shares (ADS), not already held by Asiasat’s controlling shareholder will be cancelled in exchange for the share offer price of HK$18.30 per share.

For Asiasat shareholders, the cancellation price of HK$18.30 per share represents a premium of approximately 30.7 per cent over the closing price of HK$14 per share as quoted on the Hong Kong Stock Exchange on 8 February 2007, the day prior to the suspension of Asiasat’s shares.

An announcement said that the privatisation follows persistent over-supply of transponder capacity and the slow introduction of new applications in the Asia-Pacific region. As a result, the satellite market in the region remains very competitive, and Asiasat’s share price has not performed satisfactorily.

The offeror is a BVI incorporated company jointly owned by Able Star, an indirect wholly-owned subsidiary of CITIC Group, and GE Equity, an indirect wholly-owned subsidiary of General Electric Capital Corporation. The General Electric group is also proposing to acquire an interest in AsiaSat’s controlling shareholder. On completion of the acquisition and the privatisation, Asiasat will be jointly indirectly owned by CITIC Group and General Electrical Capital Corporation.

In the three year period prior to the announcement date, the price of AsiaSat’s shares decreased by 11.9 per cent compared to an increase of 51.1 per cent in the Hang Seng Index over the same period. The proposed privatisation would give the management of AsiaSat greater flexibility to focus on the development of business and marketing activities.

It would also relieve Asiasat of the heavy financial and administrative burden of dual listings on both the Hong Kong Stock Exchange and the New York Stock Exchange, which are disproportionate to the benefits of maintaining such listings. The proposed privatisation is subject to a number of conditions. It is the intention of Offeror to maintain the existing business of AsiaSat upon the successful privatisation of AsiaSat. No major changes to the existing operating and management structure are expected to be introduced as a result of the implementation of the privatisation. For AsiaSat customers, there will be no change.

The total amount of cash required to effect the privatisation is approximately HK$2,235 million, which will be financed with from the existing resources of CITIC Group and GE Equity.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/05/22/cosmos.jpg?itok=2FqpgpcO
Cosmos-Maya’s next international co-production is a spin-off series of the much talked about 3D Animation feature film Leo da Vinci: Mission Mona Lisa

is another high quality 3D animation international co-production - a spin-off series based on the recently released film Leo da Vinci: Mission Mona Lisa.

Television TV Channels Kids
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/05/22/devlok.jpg?itok=PQY6P734
EPIC TV & Penguin Present The Third Book Of The Devlok With Devdutt Pattanaik Series

Where did the name Radha come from? When did Christianity first come to India? What is the connection between sanskar and dharma? After the enormous success of the first two books in the ‘Devlok with Devdutt Pattanaik’ series, India’s favourite mythologist, Devdutt Pattanaik, is back with a third...

Television TV Channels Factual & Documentary
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/05/22/image.jpg?itok=nszHwY7X
Banijay Asia and Salman Khan TV collaborates to create content for digital and tv

World’s largest independent content creation group, Banijay Group recently entered Indian & South East Asian market under the guidance of Deepak Dhar with an aim to produce content across genres. Banijay Asia &SK TV, which was launched few years back, come together to create novel and...

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/05/22/dsport.jpg?itok=IysB7fWD
DSport reaches 110 mn households in a year

DSport, the sports TV channel by Discovery Communications, has achieved the milestone of reaching 110 million households in India. The channel was launched on 6 February 2017 and achieved the milestone within one year of operations in India and has expanded its distribution across all DTH and...

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/05/22/kbc.jpg?itok=ETOcxSNn
Star Suvarna to telecast 'Kannadada Kotyadhipati 2018' the Kannada version of 'Who wants to be a Millionaire' as part of its revamp

May 21, 2018: The third season of Kannadada Kotyadhipati, the Kannada version of ‘Who wants to be a Millionaire’, which sets the stage for a revamps of Star Suvarna, the Kannada GEC channel of Star Network will premiere in June’18. Since January 2018, the channel has gained viewership share in...

Television TV Channels Regional
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/05/22/Republic_TV-CAF_India.jpg?itok=4m-WJW5E
Republic Network partners with CAF India to nurture the Culture of Giving amongst Indians as part of its first year celebration.

Republic TV, India’s number 1 English news channel for non-stop 53 weeks is celebrating its milestone first year anniversary in a unique and special way. Republic TV has partnered with Charities Aid Foundation (CAF) India, a not for profit organisation to fuel and accelerate the spirit of giving...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/05/22/ipl.jpg?itok=jxhUTa_K
Star spending up to Rs 2 cr on production per IPL match

MUMBAI: After having bought rights for almost all important sporting properties in India, Star India had the massive task to ensure that it sets a new benchmark for cricket. In February, it won the audio-visual production rights for IPL 2018, making it the first time that a broadcaster is...

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/05/21/hichki.jpg?itok=YnbGpJnc
Watch Rani Mukerji’s ‘Dadasaheb Phalke Excellence Award’ winning performance in ‘Hichki’ only on Sony MAX

After garnering success at the box office and a heart-warming response from the audience, the Rani Mukerji starrer ‘Hichki’ is all set for its Worldwide Television Premiere only on Sony Pictures Networks’ number 1 Hindi movie channel, Sony MAX on Saturday, 26th March at 9pm. Directed by Siddharth...

Television TV Channels Movie Channels
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/05/21/raid.jpg?itok=P0Yt38Li
World Television Premiere of Raid on Star Gold

This May, Star Gold to bring the World Television Premiere of Raid. Touted as first Bollywood project to be based on an Income Tax raid, this Ajay Devgn starrer hit will be showcased on 27th May 2018, Sunday at 1 PM on Star Gold.

Television TV Channels Movie Channels

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories