TVC sells 44% of stake in UTV Media for €22.1 million

Investment holding company TVC Holdings has sold part of its stake in UTV Media for €22.1 million.

The company disposed of a total of 7.6 million shares, around 44 per cent of its total stake, it said in a statement today.

TVC had invested €27.3 million in 2008 to acquire an 18 per cent shareholding in UTV.

Today’s share sale, including dividends received to date, has allowed TVC to recover the full cost of its investment in UTV, it said.

TVC still holds 9,640,262 shares in UTV, representing a shareholding of 10.05 per cent. Its stake is currently valued at €29.2 million.

TVC’s pre-tax profits for the six months to the end of September were €6.8 million, up from €2.4 million in the same period in 2012. It attributed its boosted performance to the increase in their share in UTV Media.