Property Developer Henry Cheng Buys I-Cable Hong Kong Pay-TV Operator - NewsBreak

Henry Cheng Kar-shun, who is the chairman of property development group New World Development, has taken control of I-Cable, Hong Kong's largest cable TV network operator and the territory's second largest pay-TV operator. Cheng-owned company Celestial Pioneer disclosed that it had struck deals that give it 72% ownership of Forever Top, a company that owns a 43% stake in I-Cable. Celestial said that it was buying 40.5% of Forever Top from two existing investors. But it disclosed neither the identity of the exiting investors, nor the value of the transaction. It is understood that prior to the deal David Chiu Tat-cheong held...