TV3 Ghana goes up for sale at around $2.8m

TV3, one of Ghana’s private TV stations is being put up for sale by its Malaysian owners, Media Prima Bhd.

News reports from Malaysia say owners of GAMA Media, it Ghana subsidiary and managers of TV3 Ghana has entered into a sale purchase agreement to divest 90% equity interest in TV3 to Media General Ghana Ltd., for RM8.63 million (Malaysian Ringgits), which is approximately $2.8 million.

Media General is an investment holding company.

Media Prima has said in its filing to the Bursa Malaysia, an exchange holding company which operates a fully integrated exchange, that the divestment was in line with the group’s strategy to focus on domestic operations.

According to Media Prima, the proposed divestment was expected to be completed by the third quarter of 2011.

Meanwhile, in December 2009 Media Prima indicated that it was looking for other options apart from an earlier announced proposal for an initial pubic offer (IPO) on the Ghana Stock Exchange to raise additional capital.

Media Prima said then that it was looking for the options to raise funds as a result of what it described as “unfavourable market conditions.” The company said it needed the money to expand its operations in Ghana, replace obsolete equipment and train staff to do better programmes.

By Emmanuel K. Dogbevi