TVB shares succumb to profit-taking
Hong Kong's Television Broadcasts Ltd in stake sale talksHONG KONG -- Shares in Television Broadcasts Ltd fell as much as 13.4% on Tuesday as investors took profit after the stock jumped at the previous session's open amid reports the chairman of Henderson Land Development Co Ltd was in talks to buy TVB's controlling shareholder.
TVB said its controlling shareholder was in talks with interested parties on a possible sale of its near 30% stake in the company.
Trading in shares of TVB, Hong Kong's dominant TV broadcaster, was suspended on Monday after they surged 17% at the open.
Henderson Land's vice-chairman was in early talks to buy some or all of the 26% stake in TVB held by its parent, a Henderson spokeswoman said on Monday.