I-Cable rights issue gets go-ahead

Business | Tereza Cai 26 Apr 2019

I-Cable Communications' (1097) rights issue proposal was approved in its general meeting with 97 percent supportive votes, and it also gained permission on issuing unlisted long-term convertible securities to Forever Top (Asia) to raise funds.

This proposal of issuing three right shares for every four existing shares at HK$0.10 per rights share to raise up to HK$466 million was put forward in January, following its precious proposal of one right shares for one existing share vetoed in December.

Chairman David Chiu Tat-cheong and major shareholder Henry Cheng Kar-shun did not attend the meeting.

Irene Leung Shuk-yee, chief operating officer, said that there is no new round of layoffs for now.

However, she pointed out that the environment for media operation was difficult, so layoff will always be one of the options to survive if it could not manage to make a profit.

The cash-squeeze firm reported HK$456 million in losses last year, and Chiu said earlier that it needed to further fundraising for future investment.

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