Summary by Futu AI
Television Broadcasting Limited (TVB) announced on May 13, 2024 that it will enter into subscription agreements with Broadcast Global and Shaw Brothers, respectively, through a general license and a special authorization, to issue a total of 28,743,836 new shares. Broadcast Global will subscribe for 8,743,836 shares at HK$3.36 per share, while Shaw Brothers will subscribe for 20,000,000 shares at HK$4.00 per share. The share issue is expected to raise a total of approximately HK$1.094 billion. The net amount will be used for general corporate use and to finance co-production projects in cooperation with streaming platforms in the Mainland of China. Shaw Brothers, as the principal shareholder and associated person of the Company whose subscription constitutes a connected transaction, is subject to the declarations, notices, circulars and independent shareholder approval requirements of Chapter 14A of the Listing Rules. The Company will send relevant circulars to shareholders on or before 24 May 2024 and will hold an Annual General Meeting to consider and approve the relevant transaction.