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Astro Digital's RM100m JV with Karangkraf unit

The Star Online logo The Star Online 8/2/2018 JOSEPH CHIN

KUALA LUMPUR: Astro Malaysia Holdings Bhd's unit is injecting RM100mil into  Grup Majalah Karangkraf Sdn Bhd's unit under a proposed JV to create and monetise content verticals in Malaysia and Asean.

The pay-TV operator said on Thursday the JV would be with GMK's unit Karangkraf Digital 360 Sdn Bhd.

Under the JV agreement, Astro Digital Sdn Bhd would subscribe for a 51% stake in KK360 for RM100mil to be paid in tranches. 

“The investment amount is subject to a reduction in the event the 15 active intellectual properties (IP) are not able to be registered by KK360 under the identified trademark classes by the fifth anniversary from closing and/or whether there is any IP infringement claim in respect of any of the IP,” it said.

Astro said the investment into KK360 was conditional upon all the conditions precedent being fulfilled.  

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“If the CPs have not been fulfilled or waived within four months from Dec 6, 2017 or such other mutually agreed date, the parties shall mutually agree to either (a) extend the cut-off date; or (b) waive all or any of the unfulfilled CPs; or (c) terminate the JVA,” it said.

“Upon completion of the JVA, KK360 will become an indirectly-owned subsidiary of the company,” it said.

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