Asian Pay Television Trust announces strategic review; prices surge 15.5% but remain near all-time low

Asian Pay Television Trust announces strategic review; prices surge 15.5% but remain near all-time low

Stanislaus Jude Chan
15/04/19, 03:26 pm

SINGAPORE (Apr 15): Units in Asian Pay Television Trust (APTT) have jumped 15.5% to 14.9 cents as at 3pm on Monday after the group announced it is undertaking an independent strategic review.

APPT said before market open on Monday that it is considering the options available for APTT and its investment in Taiwan Broadband Communications Group (TBC).

The trustee-manager of APTT has set up a special committee to oversee the strategic review. The committee comprises the group’s chief executive officer Brian McKinley as well as four independent directors.

The trustee-manager is also is in the process of selecting an independent financial adviser to assist with the strategic review, and says it expects to make an appointment in the near future.

Units in APTT are currently trading near an all-time low, after shedding more than 70% of its value from a 52-week high of 52 cents in April last year.

The first listed business trust in Asia which focuses on pay TV businesses, APPT made its debut on the Singapore Exchange with an initial public offer price of 97 cents in May 2013.

US sanctions on Huawei could backfire

SINGAPORE (May 27): It was only to have been expected. After nearly a year of pressure that failed to stop Huawei Technologies Co’s expansion -- especially in the rollout of the next generation 5G wireless network globally -- in its tracks, US President Donald Trump signed an executive order effectively barring American firms from doing business with the Chinese telecommunications equipment company. The inclusion of Huawei on the US Department of Commerce’s Bureau of Industry and Security’s (BIS) Entity List means that companies would need to apply for a waiver to supply goods with 25....

Annica chairman Ong quits just as $33 mil goes missing at his law firm JLC

SINGAPORE (May 27): Jeffrey Ong, managing partner of law firm JLC Advisors, may have given instructions to pay out a sum of $33.2 million held in escrow by his firm for a client, Allied Technologies. According to Allied’s statement filed with Singapore Exchange on May 23, the payment may have been “unauthorised”, citing a letter it received from JLC on May 22. Allied’s statement did not specify who the payment was made to. Ong also abruptly resigned as non-executive chairman of Annica Holdings on May 20. In a May 22 filing with SGX, Annica CEO Sandra Liz Hon Ai Ling said Ong resigne....

SGX RegCo sees targeted approach in enforcement, more powerful market discipline

SINGAPORE (May 27): Tan Boon Gin, CEO of stock exchange regulator Singapore Exchange Regulation, says the market can expect a stronger regulatory presence. “You will see a series of enforcement cases coming up quite soon,” he tells The Edge Singapore. Tan’s assertion comes amid significant changes in the market as sentiment remains lacklustre and investors’ expectations change. The local stock market has gone through significant upheaval, not least because of the penny stock crash in 2013 that wiped out some $8 billion in value from the market. The event dented investor sentiment, a....