KUALA LUMPUR: Silver Ridge Holdings Bhd said yesterday it is not looking for a buyer for its interest in Bernama TV Synergy Sdn Bhd (BTV), but is open to any such offers that it may receive in the future.
In a statement released via Bursa Malaysia, Silver Ridge confirmed that BTV incurred losses in the first year of operation. The 24-hour TV channel, which is carried via Astro’s satellite network, was launched on Feb 28, 2008.
Silver Ridge was responding to an article in The Edge Financial Daily that the 18-month-old news channel was facing financial problems and was looking for a buyer.
Citing sources, it said Bernama TV was expected to cease operations soon pending a rescue and restructuring.
It was reported that it had accumulated losses of over RM15 million and the operating company BTV was also facing legal action from creditors.
The government’s national news agency Bernama is a minority shareholder with a 32% stake. The other shareholders are Silver Ridge’s unit, Silver Ridge Multimedia Sdn Bhd (30%), Standard Code Sdn Bhd (30%) and Hallmark Entertainment Sdn Bhd (7%).
This article appeared in The Edge Financial Daily, August 20, 2009.