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Wang family resubmits application to buy GTV
Taiwan News, Staff Writer
2014-07-04 11:02 AM
In order to avoid provisions restricting political party, government, and military operation of media, Formosa Plastics Group established Yung Tsai Investments to invest in Gala Television (GTV). Formosa Plastics has already resubmitted its application to purchase GTV to the National Communications Commission. The Wang Yung-tsai family will purchase a 100% stake in GTV for NT$3 billion.

Yung Tsai Investments has a registered capital of NT$200 million and its Chairman is Wang’s second son. Company directors include Wang’s eldest and youngest sons. This situation shows Formosa Plastics’ current media investment has been advocated by the Wang family.

Formosa Plastics states, this venture is completely funded by the Wang family. Formosa Plastics originally intended to hold GTV stock under Formosa Plastics Development. However, the government holds stakes in Formosa Plastics Development and other components of the Formosa Plastics Group, violating the provisions of the Cable Radio and Television Act. Now it is confirmed that capital will be fully provided by the Wang family.

Private equity fund Shun On Investment Limited holds a 100% stake in GTV. In turn, Galileo Holding B.V. holds 96.5% of Shun On.

Yung Tsai Investments will buy a 100% stake in GTV for approximately NT$3.03 billion. Wang Yung-tsai holds 99% of Yung Tsai Investments.

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