China Digital TV provides update on Super TV deal

Wednesday 11 January 2017 | 13:41 CET | News

China Digital TV Holding, a provider of cloud-based application platforms and conditional access systems, has provided an update on the pending sale of its interests in Beijing Super TV, held by Golden Benefit Technology, an indirect subsidiary of the company. Pursuant to the equity transfer agreement announced on 7 November 2016, and the supplemental agreement to equity transfer agreement dated 28 December 2016, China Digital TV has received, through its Chinese affiliate, an amount equal to CNY 610 million less the previously received deposit, from Changxing Bao Li Rui Xin Technology, the buyer. Super TV has also completed the change of its business registration with the Beijing Administration for Industry and Commerce.

Pursuant to the supplemental agreement, the buyer is required to proceed with the procedures of converting the CNY 610 million into US dollars and paying such converted amount to an offshore account designated by Golden Benefit, as soon as possible but in any event no later than 30 September 2017.  Until the completion of the currency exchange and payment, the amount is required to be held in the onshore account of China Digital TV’s Chinese affiliate.

The transaction is expected to close once the buyer coverts the CNY 610 million into US dollars and pays this amount to an offshore account designated by Golden Benefit. The closing of the transaction is subject to certain conditions precedent, including the approval required under policies of the State Administration of Foreign Exchange.

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