Asia Television Clarifies Entity Related to Liu to Not be Subsidiary of Company, Chairman Stays Suspended Pending Enquiry

MT Newswires Live08-07

Asia Television Holdings (HKG:0707) clarified a mistake in the company's announcement filed on Aug. 2, related to the removal of the company's chairman Liu Minbin and the suspension of his duties.

The company clarified that the entity controlled by Liu, which had taken some online content from the company's website is not any kind of subsidiary of the company and it was a mistake in the filing to write it as such, a Wednesday filing with the Hong Kong Exchange said.

The company also disclosed that the entity is solely owned by Liu and the content it has taken included TV programs classics belonging to the company. The programs were being broadcast on the entity's online apps. The company expects the loss from such activity to be around HK$800,000.

Liu's duties will continue to be suspended until the conclusion of the board's investigation.

The company's shares were down over 4% on Wednesday's close.

Price (HKD): $0.14, Change: $-0.01, Percent Change: -4.14%

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