The tvb broadcast (00511.HK) announced on September 27 that all the conditions of the subscription agreement have been met, and the subscription matter was completed on September 27, 2024.
The company has issued a total of 20 million new shares to subscribers. The net proceeds from the issuance of subscription shares are approximately HK$78.8 million, which will be used for general corporate purposes, including the operating funds for co-produced drama projects with streaming platform partners in China. Depending on the timeline and cash expenditure cycles involved in different dramas, the Group expects to use the net proceeds from the subscription matter in full by December 31, 2024.
