Malaysians Selling TV3

The Malaysians are reportedly selling their shares in Gama Film Company and TV3 Network Limited. Gama Media International (BVI) of Malaysia owns 70% of GAMA whilst the Ghanaian government owns the remaining 30%. Regarding TV3, the Malaysians own 70% with the remaining 30% being held by Winmart Limited.

A letter dated September 16, 2002 from the solicitors for BVI, Fugar and Company to the Divestiture Implementation Committee revealed their clients “intention to relinquish their 70% shareholding in the company” (GAMA)”. The letter offered the Ghanaian government as the minority shareholder of the company, the right of first refusal in respect of the said shareholding.

Another letter dated September 4, 2002 to Winmart Limited invited Winmart, the minority shareholder with 30% shares to make an offer for GAMA’s 70% shares.