Topway Acquires Two Cable TV Operators in Shenzhen

Shenzhen Stock Exchange, 12/06/12

Shenzhen-based cable TV operator Topway Video Communication (002238.SZ) announced today that the company has issued common stock holdings to Shenzhen Media Group and the Bao'an branch of the State-owned Assets Supervision and Administration Commission (SASAC) in exchange for a 100％ stake in local cable TV operator Shenzhen Tianbao Broadcast & TV Network company; Topway also plans to issue shares to Shenzhen Media Group and the Longgang branch of SASAC in exchange for a 100% stake in cable TV operator Shenzhen Tianlong Broadcast & TV Network Company.

Topway issued a total of 74.46 mln shares as part of the two transactions, with the newly issued shares accounting for 18.86% of the company's total shareholdings. The issued share price was RMB 17.15 per share and the total value of the deal was RMB 1.28 bln.

Topway stated that, after the transaction is completed, it would increase cable TV resources in the Bao'an and Longgang districts, and that the deal is expected to bring Topway 1.1 mln new cable TV subscribers.

Keywords: consolidation television Topway cable TV SASAC Shenzhen Media Group 002238.SZ Tianbao Broadcast & TV Network Tianlong Broadcast & TV Network M&A cable subscribers cable operator

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