ID :
71321
Tue, 07/21/2009 - 11:39
Auther :
Shortlink :
https://oananews.org//node/71321
The shortlink copeid
ASTRO KEEPING ITS OPTIONS OPEN
By Nurul Jannah
KUALA LUMPUR, July 21 (Bernama) -- Astro All Asia Networks Plc Monday
neither denied nor confirmed recent speculations that it is planning to spin off
its loss-making international business in India and Indonesia.
Its deputy chairman and group chief executive officer, Ralph Marshall, said
the company was looking at various options to restructure the company with the
view to achieving a more efficient capital and corporate operating structure.
He said this when replying to questions from reporters here Monday.
There have been several proposals from local and foreign bankers, Marshall
said, but he declined to give further details.
"We made a statement that the company is looking at various options to
improve its capital operating structure and in that context we received a number
of proposals and the board is currently evaluating it now.
"It may or may not include divestment, it may include inclusion, it may
include expansion. We don't know yet but it is being evaluated and the board
has not taken any decision yet," he said after the company's annual general
meeting here.
It may take several months to evaluate the proposals, he added.
There were rumours recently said that the spin-off would supposedly see
Astro's two major shareholders, Usaha Tegas and Khazanah Holdings acquiring
Astro's international interests, separating them from the profitable domestic
holdings.
Company shareholders will reportedly receive RM1 per share as part of the
deal.
Asked if there were any problem with the restructuring exercise, Marshall
said: "We did not say that anything is wrong with the restructuring. All we have
said is we are looking at whether this could be more efficient and how it could
be implemented.
"So, we need to give consideration to find the best mix for the
shareholders and that is something we do on a regular basis."
In a press statement Monday, the company stated that the group will continue
to grow its pay-TV, content and radio businesses overseas.
Marshall said that Astro was committed to investing for growth and believed
that shareholders value can be enhanced by selective investment in regional
markets.
"We have always taken the view that we like to stay within the region. We do
see ourselves either investing or looking for synergy in extended market.
"We have just gone for IPTV (Internet Protocal TV) and we are now looking at
the possibilities... to the extent, we believe that we are making serious
investments in content..We will extend it to new markets," he said.
Currently, Astro has a number of international investments including a
stake in Indian DTH venture, Sun Direct TV, and Celestial Pictures of Hong Kong.
Celestial Pictures owns the Shaw Brothers Film Library, the world's largest
Chinese-language film library, as well as an international pay-TV channel,
Celestial Movies Channel.
-- BERNAMA
KUALA LUMPUR, July 21 (Bernama) -- Astro All Asia Networks Plc Monday
neither denied nor confirmed recent speculations that it is planning to spin off
its loss-making international business in India and Indonesia.
Its deputy chairman and group chief executive officer, Ralph Marshall, said
the company was looking at various options to restructure the company with the
view to achieving a more efficient capital and corporate operating structure.
He said this when replying to questions from reporters here Monday.
There have been several proposals from local and foreign bankers, Marshall
said, but he declined to give further details.
"We made a statement that the company is looking at various options to
improve its capital operating structure and in that context we received a number
of proposals and the board is currently evaluating it now.
"It may or may not include divestment, it may include inclusion, it may
include expansion. We don't know yet but it is being evaluated and the board
has not taken any decision yet," he said after the company's annual general
meeting here.
It may take several months to evaluate the proposals, he added.
There were rumours recently said that the spin-off would supposedly see
Astro's two major shareholders, Usaha Tegas and Khazanah Holdings acquiring
Astro's international interests, separating them from the profitable domestic
holdings.
Company shareholders will reportedly receive RM1 per share as part of the
deal.
Asked if there were any problem with the restructuring exercise, Marshall
said: "We did not say that anything is wrong with the restructuring. All we have
said is we are looking at whether this could be more efficient and how it could
be implemented.
"So, we need to give consideration to find the best mix for the
shareholders and that is something we do on a regular basis."
In a press statement Monday, the company stated that the group will continue
to grow its pay-TV, content and radio businesses overseas.
Marshall said that Astro was committed to investing for growth and believed
that shareholders value can be enhanced by selective investment in regional
markets.
"We have always taken the view that we like to stay within the region. We do
see ourselves either investing or looking for synergy in extended market.
"We have just gone for IPTV (Internet Protocal TV) and we are now looking at
the possibilities... to the extent, we believe that we are making serious
investments in content..We will extend it to new markets," he said.
Currently, Astro has a number of international investments including a
stake in Indian DTH venture, Sun Direct TV, and Celestial Pictures of Hong Kong.
Celestial Pictures owns the Shaw Brothers Film Library, the world's largest
Chinese-language film library, as well as an international pay-TV channel,
Celestial Movies Channel.
-- BERNAMA
