PCCW video-streaming unit raises US$110m from Hony Capital, Foxconn and Temasek
Hong Kong’s telecoms and media giant sees 38 per cent gain in core interim net profit, following the disposal of wireless broadband business in Britain
The video-streaming subsidiary of Hong Kong telecommunications and media giant PCCW has raised a US$110 million investment from Chinese private equity firm Hony Capital, Foxconn Ventures and a unit of Singapore’s Temasek Holdings.
The company’s core operations excludes its property development and investment business, Pacific Century Premium Developments.
Hony Capital, Foxconn Ventures and Temasek’s Anderson Investments agreed to subscribe to 11 million so-called preference shares, which represent 18 per cent of the enlarged share capital of PCCW OTT.
This PCCW subsidiary provides over-the-top video-streaming services, which are delivered over the internet, under the Viu and Vuclip brands in 24 markets around the world.
“Bringing in Hony Capital, Foxconn Ventures and Temasek as investors will support PCCW OTT’s efforts to grow in its existing markets, as well as to explore other attractive markets,” PCCW group’s managing director, Bangalore Gangaiah Srinivas, said during a presentation to analysts on Thursday.
Hony Capital was also granted an option to subscribe for up to a further 2 million preference shares at US$10 per share. Once exercised, the three investors would hold a total of 20.6 per cent of the enlarged share capital of PCCW OTT.
