TNAG-1817-FCO40-2578-Broadcasting-in-Hong-Kong-1988 — Page 268

188) 14

CONFIDENTIAL

126

-

(v)

a

licensee

company

shall not be held in

any form by a holding

company;

Foreign Ownership and Control

(vi) at least 51% of the

issued shares in a

television

licensee

company shall be held

at

all

absolutely

beneficially

persons

who

times

and

by

are

holders of permanent

Hong Kong identity

cards

and

are

ordinarily resident in

Hong Kong;

(vii) foreign

shareholders

shall be allowed to

Own or control no more

than 49% of the issued

shares in a licensee

company (the 49% rule);

CONFIDENTIAL