Two shareholders of On Digital Media, the parent company of South African pay TV operator TopTV, have moved to head off the company’s rescue plan, involving the acquisition of a minority stake in the service by China’s StarTimes and a change of name of the platform to StarSat, according to local reports.
Two minority shareholders – First National Media Investment Holdings and Atchuthanandan Moodley – have filed with the South Gauteng High Court to prevent the plan from being implemented. StarTimes plans to take a 20% stake in the pay TV platform and invest sufficient funds to ensure its future.
The pair have stated they are concerned that the business rescue plan is not framed with sufficient safeguards to ensure the interests of On Digital Media and its shareholders in the event of the plan failing. They also expressed concerns about the transfer of control over the platform to StarTimes and moves to implement the business plan without proper permissions being granted.
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