(16 August 2023, Hong Kong) Television Broadcasts Limited (“TVB” or “the Company”, stock code: 00511.HK) is pleased to announce that it has entered into a 5-year HK$156 million convertible bond subscription agreement (“agreement”) with Cardy Oval Limited, a private investment holding company controlled by Mr. Goodwin Gaw. Funds raised through this convertible bond issuance will be used to support the Company’s normal business and operating needs.

Pursuant to the agreement, Cardy Oval Limited will subscribe for HK$156 million in convertible bonds from the Company. These convertible bonds will bear an interest of 3.5%, and a maturity period of 5 years. Cardy Oval Limited also has the right to convert the convertible bonds into shares of the Company at an initial conversion price of HK$4.45 a share, or 13.23% higher than yesterday’s closing price of HK$3.93. If the convertible bonds are fully converted, Cardy Oval Limited will become a 7.41% shareholder of the Company, which shall further strengthen and diversify the Company’s shareholder base.

Mr. Goodwin Gaw, Director of Cardy Oval Limited. said, “As a Hong Kong-based investor, I am committed to fostering growth in my home market. Hong Kong's unique strengths in finance, innovation, along with international connectivity, have positioned the city as a vital hub for businesses and investors seeking to tap into the immense potential of the Greater Bay Area. This strategic investment reflects my optimism towards the vast opportunities arising from Hong Kong's strategic location.” 

Mr. Thomas Hui, Executive Chairman of TVB said, “I thank Mr. Goodwin Gaw for his investment, and his statement of confidence, which comes just days after TVB obtained HK$700 million of loan facilities from CMC Inc. and Young Lion Holdings Limited. Given Mr. Gaw’s successful track record as an investor and business leader, his support is a huge encouragement for our management team, as we continue our efforts to transform TVB for the digital age. We warmly welcome Mr. Gaw as a new major stakeholder of the Company, and we also look forward to collaborating with him in developing new opportunities for TVB.”