Macau (MNA) – Paulo Rego is no longer the vice-president of the executive board of Global Media Group (GMG), although the veteran journalist will keep his position as non-executive administrator, Meios & Publicidade (M&P) has reported.
According to the Portuguese media outlet, the change has not been conveyed internally and the board is not available for comment. M&P claims, however, that sources close to the case confirm that the decision was ‘unanimous’ amongst shareholders of the group.
Rego joined the GMG nearly one year ago, when Macau-based KNJ Investment Limited became a shareholder in the group, acquiring a 30 per cent stake with a 15 million euro (MOP131.17 million) deal.
GMG owns Portuguese newspapers Diário de Notícias, Jornal de Notícias and radio TSF, to name a few, and is a shareholder of LUSA, the Portuguese news agency.
The CEO of KNJ Investment, Kevin Ho King Hun, is the nephew of the former Macau SAR Chief Executive, Edmund Ho Hau-Wah. He is also the director of Tai Fung Bank Limited and chairman of the real estate firm Anzac Group.
Ho acts as non-executive director and vice-chairman of the media group.
Rego, who was former director of the bilingual weekly Plataforma, and is said to have acted as a mediator of the one-year negotiation that led to the KNJ’s capital acquisition of the Portuguese media group, was recommended by Mr. Ho himself.
Over the last year, Mr. Rego’s main responsibilities were Plataforma and the V Digital project.
In addition to the 30 per cent stake owned by KNJ, the shareholder structure of GMG includes a 30 per cent stake by José Pedro Soeiro, a 20 per cent stake by Joaquim Oliveira, and a 10 per cent each for banks Millennium BCP and Novo Banco.