OWN CORRESPONDENT, Amsterdam | Monday 1.05pm
AMSTERDAM-listed television platform operator MIH Limited said on Monday it plans to float its interactive television software unit OpenTV separately, issuing new shares via a global equity offering. In a separate statement, MIH said six large investors, have taken a $31,25-million stake in OpenTV through convertible preferred equity.
The investors are America Online, General Instrument, Liberty Digital, News Corporation, Time Warner and Sun Microsystems.
The convertible preferred equity will enhance OpenTV’s US position and would allow it to expand the range of interactive applications available to its global client base, the company said.
”The proceeds from the investment will be used, mainly to fund the development of its [OpenTV] growing applications business, which enables networks and content providers to offer enhanced programming, such as e-commerce on TV and its interactive advertising,” MIH said in a statement.
No details were given on how much OpenTV plans to raise through the new equity issue other than it will be registered with the US Securities and Exchange Commission and is subject to approval by MIH Holding’s shareholders.
On Friday the share prices of Naspers and MIH Holdings (MIHH) shot up after MIHH issued a cautionary announcement MIH Ltd is a unit of South Africa’s MIHH and listed on the Amsterdam and Nasdaq exchanges in April, raising $187,8-million.