Zee Entertainment Launches Zee Media Kenya Limited for FTA Channel in Kenya

On June 24, 2024, Zee Entertainment Enterprises announced via a stock exchange filing that Zee Media Kenya Limited, a wholly owned step-down subsidiary of Zee Entertainment Enterprises Limited, has been incorporated in Kenya. The Registrar of Companies in Kenya has approved the incorporation of ZMKL.

Zee Media Kenya Limited is a wholly owned step-down subsidiary of Zee Entertainment Enterprises, making it a related party. However, this transaction is not considered a related party transaction for the Company. Additionally, the promoter, promoter group, and group companies have no interest in this transaction.

Objective Of The Acquisition

Zee Media Kenya Limited has been established to enter the broadcasting industry to launch a Free-to-Air (FTA) channel in Kenya and East Africa.

Acquisition Details

• The acquisition involves cash consideration by Zee Entertainment UK Limited (ZEUL), a step-down subsidiary of Zee Entertainment Enterprises.
• Zee Entertainment UK Limited will subscribe to 10 fully paid ordinary shares of KES 100 each.
• Zee Entertainment UK Limited will acquire 100% of the shares.

About Zee Media Kenya Limited (ZMKL)

Zee Media Kenya Limited (ZMKL) was incorporated in Kenya on June 21, 2024, and the communication of its incorporation was received on June 24, 2024. The entity has not yet started its business operations. ZMKL has a nominal share capital of KES 1,000, divided into 10 fully paid-up ordinary shares of KES 100 each.

About Zee Entertainment Enterprises Limited

In 1992, the company launched its flagship television channel, Zee TV. Since then, it has grown into a comprehensive media conglomerate with activities across the entire media spectrum, including television programming, satellite broadcasting, film production and distribution, music publishing, long-distance education, and animation software creation. The company’s primary activities include broadcasting satellite TV channels, acting as a space-selling agent for other satellite TV channels, and selling media content such as programs, film rights, feeds, and music rights.

Recently, Zee Entertainment Enterprises Limited (ZEEL) has announced that it plans to raise up to ₹2,000 crore through shares or eligible securities.

On June 25, 2024, the share price of Zee Entertainment Enterprises Limited opened at ₹153.00, touching the day’s high at ₹153.80, as of 09:38 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.