KUALA LUMPUR, July 3 — Conglomerate DRB-Hicom Bhd has denied today a media report claiming that it bought over 11 per cent of shares in media company Media Prima Bhd, and another 8 per cent from Umno.

"We wish to categorically deny the statements in the said report,” it said in a brief statement.

Quoting unnamed sources, The Edge Markets reported earlier that DRB-Hicom bought Umno’s 123 million shares, which had been held in proxy by Gabungan Kesturi Sdn Bhd, for an estimated RM73.81 million.

The acquisition was said to expand tycoon Tan Sri Syed Mokhtar Shah Syed Nor Albukhary’s Utusan Melayu Bhd and The Malaysian Reserve.

The Malay nationalist party still retains, however, an almost 8 per cent stake in Media Prima. It is unclear if Umno will also dispose of this and whether it could end up with DRB-Hicom as well.

The sale of the 11 per cent stake catapulted Mitsubishi UFJ to the position of the single largest shareholder with its 12.8 per cent, ahead of the Employees Provident Fund that owns 11.9 per cent of Media Prima.

Media Prima controls six terrestrial television stations, four radio stations, and three newspapers.

It also features a stable of digital assets that it gained after acquiring Rev Asia.

The group is also a major player in the outdoor advertising sector.