i-Cable shareholders approve rescue plan

30 May 2017

Minority shareholders of struggling Hong Kong cable TV provider i-Cable have voted to approve a rescue plan by the Forever Top consortium. According to a report from the South China Morning Post, i-Cable will issue shares to raise HKD669 million (USD85.8 million) to meet its investment commitments to the government and fund ongoing operations. Current majority shareholder The Wharf Holdings will receive i-Cable shares worth HKD300 million to repay money it loaned to the company, but it will not participate in the share issue, with Forever Top taking over its majority interest. Existing shareholders can subscribe to three new shares for every five that they own. Forever Top is led by Henry Cheng Kar-shun, chairman of New World Development, and David Chiu Tat-cheong.

Hong Kong, i-Cable (formerly HKCT)