The two procedures discussed by the ERC regarding Global Media “remain under implementation,” an official source told Lusa this Monday, adding that to date the regulator has not received any agreement on negotiations regarding the company.
An agreement to buy some newspapers and magazines from Global Media and TSF by a group of investors and businessmen led by Diogo Freitas was signed on February 6, sources connected to the process told Lusa.
An official source from the Social Communications Regulatory Authority (ERC), who was contacted by Lusa on the matter, “clarified that no agreement has been concluded to date regarding the negotiations regarding the Global Media Group.”
As for “the two procedures defined by the Regulatory Council in accordance with the terms of the discussion ERC/2024/6 (TRP-MEDIA) and the discussion ERC/2024/7 (OUT)”, they “remain under implementation”.
On 8 January, the ERC Regulatory Council, at an extraordinary meeting, approved the opening of an autonomous administrative process for the application of the Transparency Law and the opening of an informal inquiry procedure into certain matters relating to GMG. [Global Media Group].
The opening of the administrative process to apply section 14 of the Transparency Law is due to the fact that the regulator considers that “there are well-founded doubts as to whether there are qualified assets among the holders of the World Opportunity Fund (WOF). subject to the terms of the Transparency Act (representing 5% or more of the share capital and/or voting rights of Global Media Group),” according to a discussion held in early January.
According to the ERC, Páginas Civilizada’s actual participation in GMG amounts to 50.25% of capital and voting rights. This position is calculated from the sum of direct ownership of 41.51% and indirect ownership through Grandes Notícias Lda of 8.74%.
The WOF Foundation owns 25.628% of GMG shares and voting rights. In turn, Grupo Bel owns an indirect share of 17.58%. KNJ, owned by Kevin Ho, owns 29.350%, while Jose Pedro Soeiro owns 20.400%.
Author: Lusa
Source: CM Jornal
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