Syed Mokhtar takes over Umno’s 11 percent in Media Prima Bhd

PUCHONG: Tycoon Tan Sri Syed Mokhtar Al-Bukhary has bought over 11.09 percent of Umno stakes in the largest media group, Media Prima Bhd which makes him the third largest shareholder in the company.
Media Prima has a profound presence with three newspaper, four free to air TV channels and four radio channels in three languages.
Umno currently has 7.96 percent shares that are held via Altima Inc which is the fourth largest shareholder in Media Prima.
UMNO’s block of 123.02 million shares transacted, was held through Gabungan Kesturi Sdn Bhd. The shares exchanged hands through an off-market deal at the price of 60 sen a share yesterday, at a premium of 23.7% to its closing price of 48.5 sen yesterday.
The shares were transacted in one block, worth a total of RM73.81 million.
The single largest shareholder is Mitsubishi UFJ, holding 12.84% or 42.29 million shares. It emerged as a substantial shareholder in 2017. It is not known if Mitsubishi UFJ is the ultimate shareholder or is holding the shares on behalf of an investor.
Employees Provident Fund is the second largest shareholder, with an 11.92% stake.
London-based investment management firm Edgbaston Investment Partners LLP is another foreign name on the substantial shareholder list. Edgbaston currently holds a 5.38% stake in Media Prima.
Financially the media group’s performance has been in the red.
For the first financial quarter ended March 31, 2019 (1QFY19), the group saw its net loss widen to RM40.41 million, from RM21.83 million for the same period last year, as it continued to record declining advertising expenditure and newspaper sales.
Quarterly revenue declined 14.8% to RM239.1 million from RM280.67 million, as the group registered lower revenue across all but its home-shopping segment.
Datuk Syed Hussian Syed Junid formerly of Western Digital has taken over as group chairman of Media Prima Bhd from Datuk Mohd Nasir Ahmad on Monday.
By: K Pragalath