(RTTNews) - China Digital TV Holding Co. Ltd. (STV) said that it provided a further update on the pending sale of its interests in Beijing Super TV Co., Ltd., as held by Golden Benefit Technology Limited, an indirect wholly-owned subsidiary of the Company.
As per the previously disclosed Equity Transfer Agreement dated November 7, 2016 and Supplemental Agreement to Equity Transfer Agreement dated December 28, 2016, the Company has received, through its Chinese affiliate, an amount equal to RMB610 million less the previously received deposit, from Changxing Bao Li Rui Xin Technology Co., Ltd. or the "Buyer". Super TV has also completed the change of its business registration with the Beijing Administration for Industry and Commerce, as provided in the SA.
Pursuant to the SA, the Buyer is required to proceed with the procedures for converting the RMB610 million into US dollars and paying such converted amount to an offshore account designated by Golden Benefit, as soon as possible but in any event no later than September 30, 2017. Until the completion of the currency exchange and payment, the amount is required to be held in the onshore account of the Company's Chinese affiliate.
The transaction is expected to close once the Buyer coverts the RMB610 million into US dollars and pays such amount to an offshore account designated by Golden Benefit.