Hong Kong regulator approves i-Cable plan, issues new licence

24 Jul 2017

Hong Kong’s Communications Authority has approved the takeover of local broadband and pay-TV provider i-Cable, while also renewing the firm’s operating licence. In May this year i-Cable shareholders voted to accept a rescue plan by the Forever Top consortium, which is led by Henry Cheng Kar-shun, chairman of New World Development, and David Chiu Tat-cheong. 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.

Hong Kong, i-Cable (formerly HKCT)