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City Telecom bets on free TV business (2)

(China Daily)

16:08, November 22, 2012

City Telecom had paid a special dividend of HK$2.5 per share in June this year after it booked the specific disposal gain.

Looking ahead, Wong is confident that the company will finally be granted a licence to operate free television business.

"We are committed to launch large-scale talent recruitment exercises to hire more than 1,000 professionals once the government grants the license to us. At present, we have no intention of making any layoffs," Wong noted.

Wong also reiterated that the company will not sell the licenses of its drama series to overseas countries first to get license income just because it currently has not obtained the free television license from the Hong Kong government.

Meanwhile, the company will also strive to invest in high quality bonds so that the investments can generate some interest income to the company in the investment peak season period.

In December 2009, City Telecom, submitted an application for a domestic free television program service license, while Fantastic Television (a subsidiary of iCable) and Hong Kong Television Entertainment (a subsidiary of PCCW) both did the same in early 2010.

The Communications Authority had already finished vetting the three license applications and submitted its recommendations to the Chief Executive in Council for approval during 2011. However, the government has not made any final license approval until now.

【1】 【2】

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