ZAGREB, March 4 (Hina) - The Soros Investment Fund (SIF) has bought the majority interest in Digital City Media (DCM), the leading cable television concessionaire in Croatia, by recapitalising it with US$5 million, SIF director for
Southeast Europe and DCM CEO Gavin Ryan told a news conference on Tuesday.
ZAGREB, March 4 (Hina) - The Soros Investment Fund (SIF) has bought
the majority interest in Digital City Media (DCM), the leading
cable television concessionaire in Croatia, by recapitalising it
with US$5 million, SIF director for Southeast Europe and DCM CEO
Gavin Ryan told a news conference on Tuesday. #L#
SIF was one of the original investors in DCM back in 2001 and the
latest recapitalisation has raised its total investment in the
company to $7.5 million, sufficient to take over a 59 percent part
ownership.
Over the next five years SIF plans to invest a total of $50 million
in the development of cable television business and entering the
Internet market, as well as to raise the number of users from the
current 30,000 to 270,000, said Ryan.
Plans for this year envisage increasing the number of users to
50,000 and introducing a new service -- cable Internet access --
whose pilot project is being developed in Zagreb, said Ryan.
Besides SIF, DCM's other part owners are the SEAF Croatia
investment fund with ten percent, the SEAF Growth Fund with 27
percent and the Osijek-based company Elektromodul with four
percent.
DCM currently owns four cable networks in Croatia -- two in Zagreb
and one each in Osijek and Split. Ryan said plans envisage expanding
DCM's own network as well as purchasing already existing local
ones.
DCM is one of SIF's two major investments in Croatia, the other
being part ownership in Nova Banka alongside the owner, the
Charlemagne Capital fund.
Besides Croatia, SIF has part ownership in cable networks in
Bulgaria and Serbia.
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