Star Media dissolves broadcasting unit 

STAR Media Bhd has announced that its wholly-owned subsidiary Laviani Pte Ltd and Li TV Asia Pte Ltd, an indirect wholly-owned subsidiary, have been dissolved pursuant to Section 308(5) of the Companies Act, Cap. 50.

According to an earlier report, loss-making Li TV ended its broadcast programme in October 2017. The company consists of Li TV Holdings Ltd (Li TV) and its wholly-owned units Li TV International Ltd, Li TV Asia Pte Ltd and Li TV Asia Sdn Bhd.

Li TV is principally engaged in the business of operating and distributing of an English-language lifestyle television channel, Life Inspired, that broadcasts across Asia.

Li TV’s latest audited financial statement for the year ended Dec 31, 2016 (FY16), showed it incurred a loss of US$1.62 mil.

In 2017, Laviani entered into a conditional share purchase agreement with a special purpose vehicle (SPV) called Lucrum 1 Investment Ltd for the disposal of a 52.51% stake in Singapore-listed Cityneon Holdings Ltd for S$115.61 mil.

Cityneon owns the exclusive global intellectual property rights to Avengers Station and Transformers Experience in Singapore.

Star Media’s shares closed 3.16% lower at 46 sen on Dec 23.

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