Macau (MNA) – Local businessman Kevin Ho King Lun reached an agreement with Portuguese-based Global Media Group (GMG) to purchase a 30 per cent stake in the group for a total consideration of 15 million euros.
Global Media owns and manages some of the most important news outlets in Portugal, including print newspapers Diário de Notícias and Jornal de Notícias, together with radio and online news outlets.
After more than a year of negotiations, the final purchase value was lowered by 2.5 million euros from the initial proposed investment of 17.5 million euros.
‘The capital invested in the Group will be used, fundamentally, in projects destined to strengthen the Group’s leadership in digital and its internationalization geographies where Portuguese communities are located,’ the GMG release informed.
The CEO of KNJ Investment Ltd. and nephew of the former Macau SAR Chief Executive, Edmund Ho Hau-Wah, will be a non-executive director and Vice-Chairman of the group.
Ho is also the director of locally-based Tai Fung Bank Limited and the Chairman of real estate firm Anzac Group.
Shareholders António Mosquito and Luis Montez transferred their shares to Portuguese businessman José Pedro Soeiro who will also hold a 30 per cent stake in the group.
Businessman Joaquim Oliveira will hold a 20 per cent stake, with Portuguese banks Millennium BCP and Novo Banco holding 10 per cent each.
Global Media stated there will not be any controlling shareholder, with the new shareholding structure expected to ‘facilitate the Group’s objectives in a moment of major changes in the sector and difficulties in the domestic market.’
Journalist Paulo Rego – who worked as a mediator for the deal – will be appointed as new administrator for the group, with the group noting the Director of local newspaper Plataforma was recommended by Mr. Ho.
Vito Ribeiro will maintain his position as CEO and member of the administrative council, together with José Carlos Lourenço and Maria Teresa da Graça, with Daniel Proença de Carvalho as the Chairman and Philip Manuel Eusébio Yip, Rolando Oliveira, Jorge Carreira and José Pedro Soeiro as non-executive directors.