SHANGHAI: Hunan TV & Broadcast Intermediary Co, an operator of cable television in southern China, said its parent will repay 539.3 million yuan (US$65mil) siphoned from the listed company by reducing its shareholding.
Controlling shareholder Hunan TV & Broadcast Industry Center Co would transfer 75.42 million shares to the listed unit to settle the debt, Hunan TV said in a statement to the Shenzhen stock exchange. The non-tradable shares will be canceled, cutting the parent's 50.3% stake by more than a quarter.