CA greenlights TVB's share structure change with GF Global

The company will allot 8.7 million shares to the finance firm.

The Communications Authority (CA) has approved Television Broadcasts Limited’s (TVB) request to alter its shareholding structure, allowing the allotment of 8,743,836 new shares to finance firm GF Global.

The shares are priced at $3.36 each, reflecting a 9.92% discount from the last traded price of $3.37 on 13 May.

The company will use the proceeds as working capital for drama productions.

Upon approval of the application, the CA said that after completion of the shareholding changes, TVB will continue to comply with all applicable regulatory requirements under the Broadcasting Ordinance (Cap. 562) and its free TV licence.

In addition, TVB will be able to honour the investment and programming commitments it has made under its licence.

TVB said the shareholding changes would not make any material change to their legal and beneficial license ownership.