Taiwan Broadband Communications (TBC)
TBC is one of the three leading television operators in Taiwan, which is the fifth-largest cable television market by revenue in Asia. Established in 1999, TBC owns five cable television networks located in adjacent service areas in northern and central Taiwan.
TBC is the sole licensee and provider of cable television services in its five operating regions. TBC is a key provider of integrated entertainment and communications services to more than one million homes reached by its cable network.
TBC’s core business is the provision of cable television services. It also offers value-added services such as broadband internet access and cable telephony services as well as premium digital television programming, providing subscribers with improved picture, sound quality and extra channels.
| Investment | Description |
|---|---|
| Date of acquisition | 16 July 2007 |
| Cost of acquisition(1) | S$479.2 million |
| Valuation(2) | S$505.2 million |
| Distribitions since acquisition | S$103.8 million |
| MIIF’s ownership | 47.5% interest |
| % of MIIF portfolio | 55.3% |
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Acquisition cost comprises of:
(a) initial acquisition consideration of S$161.8 million in July 2007 (post the return of capital from TBC of US$68.3 million (S$104.1 million), which was distributed to MIIF as a result of the refinancing of TBC's debt facilities shortly after MIIF's acquisition of its interest in TBC);
(b) further acquisition consideration of S$174.4 million on 18 March 2011; and
(c) securities issue consideration of S$143.0 million on 28 June 2011. - Based on 31 March 2012 valuations.
Financials
| NT$m | 2012 | 2011 | Variance Fav/(Adv)(1) |
|---|---|---|---|
| Revenue | 1,832.6 | 1,754.3 | 4.5% |
| EBITDA | 1,178.6 | 1,111.8 | 6.0% |
| EBITDA margin | 64.3% | 63.4% | 0.9% |
| Distributions to MIIF (S$m) | 23.7 | 9.2 | 157.6% |
- Favourable/(Adverse)
Asset gallery
Did you know?
- MIIF was the first infrastructure fund listed on the Singapore Exchange Securities Trading Limited (SGX).