Southern Group acquire majority shares of Shaheen Pay TV
ISLAMABAD- The majority shareholding of Shaheen Pay TV has been acquired by Ali Mahmood of the Southern Group of Companies, it was announced here on February 10, 2003.
A 75 percent stake in the television broadcast company was transferred to Mahmood by Pay TV (Ireland) Limited and Jawaid Pasha pursuant to a decision of the Sindh High Court (SHC).
Presently, Shaheen Pay TV broadcasts 10 channels from Karachi, Lahore and Islamabad using outmoded analogue technology, which, because of rapid advances in the industry, is no longer able to provide the quality and clarity of service.
A spokesman for the new majority shareholders said that the Southern Group plans a complete revamping of Shaheen Pay TV’s systems and would introduce for the first time in Pakistan cutting-edge digital technologies which would allow the simultaneous broadcast of over 60 channels of entertainment, sports, news and events of special interest.
In addition, the new equipment would enable the subscribers to enjoy interactive two-way television and high speed broadband Internet without the inconvenience of being tied to cable or telephone lines.
The coverage would be extended within three to six months to 10 more cities in Pakistan in addition to the existing three, and eventually to the whole country, the spokesman said.
Source: Business Recorder
Date:2/11/2003
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