Lu Fang-ming, vice-president of Taiwan’s Hon Hai Group, has acquired Singapore-based Macquarie APTT Management, which itself is the owner of Asia Pay Television Trust (APTT), the sole stakeholder in Taiwan Broadband Communications (TBC), the China Post reports. With around 750,000 cable TV subscribers TBC is understood to be the country’s third largest cableco on the island, behind KBTV and China Network Systems.
According to the report, Lu also serves as the chairman of Asia Pacific Telecom (APT), which is owned by Hon Hai, and while the company confirmed the deal it specified that the investment had been made under Lu’s personal name. Lu meanwhile has said that the deal will serve to further his extensive experience in content creation, information communications and telecom services, while serving as a great platform for strategic partnerships and increasing value for APTT shareholders.
Financial details of the deal – which still requires the approval of the Investment Commission, the National Communications Commission and the Fair Trade Commission – have not been disclosed, with Lu noting that there is a non-disclosure agreement with APTT.