Cyprus media sector set for shake-up as investment firm eyes TV stake

GlobalWealth Group PLC on Thursday announced to the Cyprus Stock Exchange that it has signed an agreement for the potential acquisition of a stake in Vergina Kypros TV Ltd as part of its strategy to expand its investment portfolio.

The company stated that the agreement was concluded with Vergina Kypros TV Ltd and its existing shareholders.

Under the terms of the agreement, GWG will immediately provide the target company with short term financing in the form of a convertible loan to cover its working capital needs.