Ming Pao Applies to Spin Off Subsidiary
Thursday May 12, 12:45 am ET
Hong Kong's Ming Pao Enterprises Applies to Spin Off Its Chinese Media Subsidiary
HONG KONG (AP) -- Ming Pao Enterprises Corp. said it has applied to spin off its Chinese media subsidiary by listing its shares on the Hong Kong stock exchange.
Ming Pao owns 60 percent of One Media Group, which publishes three lifestyle magazines in Hong Kong and sells advertising space and provides content for four magazines sold in China. Beijing-based Redgate Media Inc. also owns a stake in the company.
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"We believe the separate listing of One Media Group will allow us direct access to the capital market for equity and/or debt financing," Peter Brack, One Media Chief Executive, said in a statement late Wednesday.
The proposed spin-off is subject to approval by Ming Pao shareholders and the stock exchange, the company said.
Ming Pao publishes the Chinese-language Ming Pao Daily News in Hong Kong. It publishes overseas editions in Vancouver, Toronto, New York and San Francisco.
In China, One Media provides content and has the right to sell advertising space in Popular Science, Digital Camera, T3: Tomorrow's Technology Today and TopGear magazines.
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