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Television Broadcasts’ (0511) executive chairman Thomas Hui To has raised his holdings in the firm by acquiring a 25 percent stake from non-executive director Kenneth Hsu Kin.

Hui has purchased Young Lion Holdings, or YLH, which indirectly holds a 25.02 percent stake – or 116.8 million shares – in TVB from Hsu, according to an exchange filing and a statement from the Communications Authority. The regulator has approved the transaction.

Hsu has ceased to be interested in any shares of YLH and TVB, and has tendered his resignation as a director with effect from Friday due to health conditions and retirement plans, the broadcaster said.

The regulator said it is confident that after the 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, and be able to honor the investment and programming commitments it has made under its licence.

In a separate statement, executive chairman Hui said he has become a major shareholder of TVB through the acquisition, which substantiates his firm confidence in the TV firm’s sustained growth trajectory and long-term market value appreciation.

He extended TVB’s collective gratitude to Hsu for his professional commitment and exemplary contribution to the company during his tenure. “We sincerely wish him every success and happiness in his well-deserved retirement,” the statement read.

In response, Hsu said he has “utmost confidence” in Hui and the TVB team, and that he sincerely wishes TVB even greater success in the future.

STAFF REPORTER

TVB chair boosts stake by 25pc after resignation of non-executive director