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| Headquarters of SCAN sha in Tirana |
The business group BALFIN, Where Zamir Mane is the main shareholder, has exited the media market investment by selling the media company SCAN sha one year and a half after the purchase (television and information portal).
According to the share purchase agreement, Balfin sold 70% of the shares in SCAN to the company's director, Dorina Sela, for 105,000 euros. Earlier, in June, Balfin had also sold 15% of the shares to Artan Hoxha for 45,000 euros and another 15% to administrator Dorina Sela for the symbolic amount of 1 euro, Monitor reports.
The individual buyer of the shares, Dorina Sela, does not appear to have any other business engagements and prior to her appointment as the administrator of TV Scan, in April of this year, she was an employee at the company G2 Media, (A2-CNN).
In total, BALFIN received 150,000 euros for the SCAN shares, while it had acquired the company in March 2022 for 700,000 euros. Taking into account the additional capital injection of around 150 million lekë injected into the company SCAN sh.a., BALFIN's total loss from the investment in SCAN can be estimated at around two million euros.
According to audited financial statements, SCAN closed 2022 with a net loss of 114 million lekë. The company also reviewed the financial statements for 2021, reassessing the annual loss from 252 million lekë to 315 million lekë. The increasing reassessment of the losses for the 2021 financial year was mainly the result of the depreciation of tangible assets. In total, during the period 2021-2022, Scan sha has accumulated total losses of 429 million lekë (more than 4 million euros at the current exchange rate).
At the beginning of last year, in a statement to "Monitor," the BALFIN Group expressed its ambition to build a media outlet that would cover economic issues and business-related matters by providing comprehensive, professional, and impartial information from Albania and the region.
According to the group's communication executives, BALFIN Group had subcontracted foreign experts to reorganize the television to better meet the expectations of a regional television dedicated to economic and business issues.
However, the establishment of profitable media ventures in Albania remains a challenging task, and the BALFIN Group has withdrawn rapidly from this market.
The BALFIN Group is one of the largest business conglomerates in Albania, with activities in the retail, construction, development, and management of real estate, tourism, financial sector, education, transportation, etc.