Prosten Technology Holdings Ltd. entered into agreement to acquire 6% stake in Hong Kong Net TV Ltd., from Hong Kong Media Group Ltd., for HKD 15 million.
Prosten Technology Holdings Ltd., intends to fund the transaction from HKD 58.6 million raised through private placement of 136 million shares completed on August 21, 2015. Post transaction Prosten Technology Holdings Ltd., will hold 6% and Hong Kong Media Group Ltd., will hold 94% stake in Hong Kong Net TV Ltd. Hong Kong Net TV Ltd., reported net profit after tax approximately HKD 1.1 million and net assets of approximately HKD 2.56 million for the year ended December 31, 2014.