Published: 10.27 Europe/London, June 15, 2011
MultiChoice (Cyprus) Public Company Ltd has been put into voluntary liquidation by its owners Forthnet Group. In a statement Forthnet said the decision had been taken at an Extraordinary General Meeting as the company was no longer able to meet its financial obligations.
The management of the subscribers as well as the further development of the Forthnet Group activities in Cyprus will be continued by Multichoice Hellas S.A. itself.
Concerns about the financial state of Forthnet had emerged during last week’s AGM of Maltese shareholder GO. 40.99% of Forthnet is owned by Forgendo Ltd, a joint venture company held by GO and parent company Dubai-based EIT.
Forthnet has been suffering amid the difficult financial situation in which Greece currently finds itself.
In the first quarter of 2011 pay-TV revenues fell by 4.4%, a factor attributed to a combination of a weaker advertising market, and the falling subscriber base in the Cypriot market.
Previously owned by the South African media group Naspers, the Greek and Cypriot pay-TV businesses were sold to Forthnet in June 2008.