December 02, 2016 1:58 PM ET

Media

Company Overview of MEASAT Broadcast Network Systems Sdn. Bhd.

Company Overview

MEASAT Broadcast Network Systems Sdn. Bhd. operates as an integrated consumer media entertainment company primarily in Malaysia. The company’s areas of business include pay-TV, radio, digital publications, and digital media. It provides services through direct-to-home satellite TV, IPTV, and OTT platforms. The company is based in Kuala Lumpur, Malaysia. MEASAT Broadcast Network Systems Sdn. Bhd. operates as a subsidiary of Astro All Asia Networks plc.

All Asia Broadcast Centre

Technology Park Malaysia

Lebuhraya Puchong-Sg. Besi

Bukit Jalil

Kuala Lumpur,  57000

Malaysia

Phone:

60 3 9543 6688

Fax:

60 3 9543 6877

Key Executives for MEASAT Broadcast Network Systems Sdn. Bhd.

Chief Executive Officer
Age: 53
Compensation as of Fiscal Year 2016.

MEASAT Broadcast Network Systems Sdn. Bhd. Key Developments

MEASAT Broadcast Network Systems Sdn Bhd Announces Update on Material Litigation

Astro Malaysia Holdings Berhad announced that its wholly owned subsidiary, MEASAT Broadcast Network Systems Sdn Bhd and the other Astro claimants had obtained leave of the Hong Kong Courts to enforce the Arbitration Awards in Hong Kong in August and September 2010 and the Claimants entered judgment in terms of the Arbitration Awards in December 2010. The Arbitration Awards were granted to the Claimants in 2009 and 2010 following the arbitration proceedings between the Claimants and PT First Media Tbk (PTFM), PT Ayunda Prima Mitra (PT APM) and PT Direct Vision (PTDV). As part of the Claimants’ efforts to enforce the Awards against PTFM, the Claimants applied to the Hong Kong High Court and, in July 2011, obtained a garnishee order nisi in respect of money loaned by PTFM to its parent company, AcrossAsia Limited (AAL), which would, when made into an absolute order, require AAL to pay the Claimants the loan owed to PTFM in part satisfaction of the amounts outstanding to the Claimants from PTFM under the Awards. However, PTFM applied for: (a) an extension of time to apply to set aside the court orders to enforce the Awards granted in August and September 2010 and the 9 December 2010 judgment (since PTFM’s application was made after the expiry of the time limit for such application to be made); (b) an order that the Hong Kong court orders of August and September 2010 and the judgment in December 2010 be set aside; and (c) an order that the garnishee order nisi be set aside. PTAPM and PTDV have made no challenge to enforcement of the Awards in Hong Kong or the judgments entered in December 2010. On 31 October 2013, the Hong Kong High Court ruled in favour of the Claimants and, inter alia, granted a garnishee order absolute requiring AAL to make repayment of the loan to the Claimants. AAL and PTFM have appealed against the decision of the Hong Kong High Court granting a garnishee order absolute, and obtained a stay of execution of the garnishee order absolute pending determination of the HK Setting Aside Application. The appeal remains pending. Astro Malaysia Holdings Berhad announced that the Hong Kong High Court has on 17 February 2015 ruled on the HK Setting Aside Application in favour of the Claimants. The Hong Kong High Court found, amongst others, that: (i) PTFM is not permitted to resist enforcement of the Awards as it has acted in breach of the good faith principle in its conduct in the Arbitration; (ii) PTFM had taken a deliberate decision not to take action within the time limited to challenge enforcement of the Awards in Hong Kong; (iii) the Awards remain valid and binding even though PTFM has successfully resisted enforcement of the Awards in Singapore. The Hong Kong High Court declined to exercise its discretion to grant an extension of time to PTFM to apply to set aside the Awards. Consequently, PTFM’s HK Setting Aside Application was dismissed in its entirety.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 9, 2016
CAPITAL FM SDN. BHD.
 

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