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MACQUARIE APTT Management Pte Ltd, the trustee-manager of Asian Pay Television Trust (APTT), said it has instructed The Central Depository (Pte) Limited (CDP) to transfer units of APTT held by holders who are Chinese nationals to a securities account controlled by the trustee-manager.
Under the measures governing Investment Permit for the People of Mainland China Area, Chinese nationals can only invest in certain business sectors in Taiwan allowed by the Investment Commission of the Ministry of Economic Affairs of Taiwan.
"The cable television industry is not currently on the list of sectors in which Chinese nationals may invest in Taiwan. As such, they are not allowed to own or control APTT units given APTT's sole asset is Taiwan Broadband Communications, a provider of cable television and broadband services in Taiwan," the trustee-manager explained.
Despite several notices, a limited number of "restricted persons" continue to own APTT units as at 5.00pm on Feb 12, prompting the trustee-manager to make the transfer instructions to CDP.
These units will be sold by a broker-dealer on-market and the proceeds, net of selling costs, will be aggregated and paid to the "restricted persons" in proportion to their respective unitholdings, Macquarie APTT Management said without disclosing the identities of these "restricted persons".
This power to require "restricted persons" to dispose of their APTT units is provided for under the APTT trust deed.