Shaw continues buyout talks
Mona Fong says more than one party interestedHONG KONG -- Shaw Brothers, owner of Hong Kong television leader TVB, is in negotiation with several parties interested in its major assets but has not yet received an official buyout proposal, deputy chairperson Mona Fong told shareholders Wednesday.
Fong said at the company's annual general meeting that, apart from Chinese property tycoon Yeung Kwok-keung, there is at least one interested party in talks with Shaw.
Fong, the wife of founder Run Run Shaw, declined to disclose details of the negotiations or the number and identity of potential buyers. Sale of Shaw Brothers stakes would entail the change of ownership in TVB, or Television Broadcasts Ltd.
In July, Shaw Brothers reported a 6% jump in profits for 2007 but saw its shares slide on news of the withdrawal of one of the banks backing Yeung's reported $1 billion bid for the company.