MBNS definition
Examples of MBNS in a sentence
MBNS has licensed one of its affiliates for distribution of the multi-channel television services in Brunei.
MBNS is the sole licensed provider of digital direct-to-home satellite multi-channel television services in Malaysia under the Astro brand name.
Reference is made to the announcement of the Company dated 18 March 2005 and the circular to shareholders dated 11 April 2005 that on 30 September 2004, several companies within the Group and MBNS entered into the Agreements relating to the supply of programmes and channels, and the provision of management services and advertising sales services for the period from 1 October 2004 to 30 September 2009.
MBNS is accordingly an associate of a connected person of the Company as defined in Rule 1.01 of the Listing Rules and the extension of the Agreements for the Extended Period and the transactions contemplated thereunder constitute continuing connected transactions of the Company under Rule 14A.16(4) of the Listing Rules.
The aggregate amount of the consideration receivable from MBNS by the Group under the Extended Period (as defined below) is expected not to exceed Ringgit Malaysia 28,320,000 (equivalent to HK$63,210,000 at the exchange rate of RM1 = HK$2.2319), based on the terms of the Agreements.
MBNS is a wholly-owned indirect subsidiary, of ASTRO All Asia Networks plc.
An announcement will be made by the Company in accordance with the Listing Rules as and when any new contracts are entered into with MBNS.
Given that the expected consideration receivable from MBNS is less than 2.5% of each of the applicable percentage ratios (as defined in Chapter 14 of the Listing Rules), the extension of the Agreements for the Extended Period is only subject to the reporting and announcement requirements of the Listing Rules and are exempted from the independent shareholders’ approval requirement.