City Telecom Establishes Worldclass Multimedia Centre Doorway to Multimedia Creativity
August 15 2011 - 6:55AM
City Telecom (H.K.) Limited (HKSE:1137) (Nasdaq:CTEL) today
announced that its wholly-owned subsidiary, Hong Kong Media
Production Company Limited, has entered into an agreement for lease
with Hong Kong Science and Technology Parks Corporation for a site
at Section S of Tseung Kwan O Town Lot No.39 (the "Tseung Kwan O
Industrial Estate") to develop a world-leading, state-of-the-art
multimedia production and distribution centre (the "Multimedia
Centre").
The Multimedia Centre will be located at a 219,670 square feet
land at Tseung Kwan O Industrial Estate (Permitted plot ratio of
2.5). Under the current development plan, the Multimedia Centre
will have a total estimated gross floor area of approximately
300,000 square feet. The initial construction cost is estimated to
be around HK$600 million that is expected to come into operation in
36 months' time. Depending on business development needs, the
Multimedia Centre can be expanded up to 500,000 square feet.
Different from traditional TV centres, the Multimedia Centre is
an open platform with unique proposition for partnership with
overseas and local parties, including cooperation with academic
sector such as universities & relevant institutions and
independent content producers. This integrated multimedia centre
will have several key components. There will be a number of studios
of which, the largest one will be sized at 15,000 square feet,
exhibition centre for educational purpose, post-production suite
with leading facilities and equipment to support Super
High-definition and 3D production, as well as administration
offices.
Going beyond traditional TV-centre content, we plan that the
facilities will unleash creativity with regards to development of
interactive multimedia content that is optimized for Internet
access via multiple screen types such as connected TV, personal
computers, tablets, smartphones, etc. The facilities will offer a
complete solution for global Internet distribution, incorporating a
data centre to process, store and distribute content.
Chairman of City Telecom, Mr. Ricky Wong said, "This is the
third committed project of City Telecom Group, after we have
completed our mission in liberalizing IDD market & enhancing
fibre broadband network. Hong Kong is renowned for its creativity.
To sustain our competitive edge, we will need solid support on
production side. That's why we determined to build a world-leading
state-of-the-art multimedia centre."
He continued, "Our primary focus will beyond the local Hong Kong
market, on opportunities in the Mainland market. With surging
broadband penetration and lifestyle changes, Internet content has
become increasingly important in China. There are more than 2,000
television and movie production companies in China, out of
approximately 14,000 television episodes produced each year, but
fewer than half make it to broadcasting. Total revenues of China's
Internet content market grew rapidly from RMB0.5b (US$81m) in 2006
to RMB2.8b (US$428m) in 2009, which clearly evident the huge demand
for professional produced content and thus creativity and
production support."
It is expected that the establishment of the Multimedia Centre
will create 100 to 150 job opportunities. As for the construction
costs, with HK$340.7 million net cash as of 28 Feb 2011, it would
be funded by internal resources within the group and banking
facilities. We expect to maintain our existing dividend policy of
paying between 60%-90% of net profit.
For more details, a video on "Multimedia Business Development
Plan" featured by Mr. Wong is also available:
http://wttdl.irav.com/ctigroup/pre110815_mbdp.wmv
For the full Press Release with Appendix, please download
at:
http://reg.hkbn.net/ctigroup_admin/files_upload/110815_PR.pdf
About City Telecom/Hong Kong Broadband Network
Limited
Established in 1992, City Telecom (H.K.) Limited (HKSE:1137)
(Nasdaq:CTEL) provides integrated telecommunications services in
Hong Kong via its own self-built fibre network. City Telecom's
wholly-owned subsidiary, Hong Kong Broadband Network Limited (HKBN)
is the fastest growing broadband service provider in Hong Kong.
HKBN offers a diversified portfolio of innovative products that
service over 1,110,000 subscriptions for broadband, local telephony
and IP-TV. The Company has built a solid market position with
top-of-the-line applications and practices enabling it substantial
growth. The company takes great pride in developing its around
3,000 Talent force into a competitive advantage. Additional
information is available at www.ctigroup.com.hk
CONTACT: Corporate Communications
Jessie Cheng
Tel: +852 3145 4118
Fax: +852 2199 8372
Email: chengcm@ctihk.com
Investor Engagement
Peggy Chan
Tel: +852 3145 6068
Fax: +852 2199 8655
Email: investor_engagement@ctihk.com
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