The investment secures Hui an indirect equity stake in TVB, positioning him as a major shareholder.
The transaction was a “strategic move” that emphasises Hui’s “firm confidence in TVB’s sustained growth trajectory and long-term market value appreciation”, he said in a written response to the Post.
Hui agreed to acquire shares in Young Lion Holdings, TVB’s ultimate parent company, from non-executive director Kenneth Hsu Kin, according to filings submitted to the Hong Kong stock exchange on Friday. Young Lion is an indirect holding of Shaw Brothers, which owns 116.8 million shares, representing a 25.02 per cent stake in TVB.
While the number of shares and pricing details were not disclosed, sources said that Hui paid “a premium to the market price”.
TVB applied for necessary approvals from the Communications Authority, which were granted, allowing the transaction to be completed on Friday, the filing said.
