KUALA LUMPUR, Nov 17 — Redberry Media Group, a wholly owned subsidiary of Ancom Berhad, has inked a Share Sale Agreement with VGI Global Media (Malaysia) Sdn Bhd.
The agreement is for the disposal of 4,281,277 ordinary shares representing 25 per cent of the issued and paid-up share capital in Puncak Berlian Sdn Bhd (PBSB) held by Redberry to VGI Malaysia at the consideration of RM13.154 million.
Redberry Group managing director Datuk Siew Ka Wei said he strongly believes the strategic investment will bring additional expertise and technologies to PBSB, which will further strengthen its operational capabilities.
Siew added the consortium, as the biggest transit media group in the region, would aim for a greater market share and would benefit all stakeholders.
“What is important is that we control media content in the MRT lines of three countries (Malaysia, Indonesia and Thailand), making us the biggest transit media group in Southeast Asia, and we will aim for more.
“Ultimately this will pave the way for PBSB to be positioned as a major media player in the region,” he said.
Chairman of the executive committee of VGI Global Media, Kavin Kanjanapas said while the market in Malaysia was different from Thailand, he expressed confidence of double digit growth.
“Growth for MRT is expected to be in the double digits. Mass transit to Malaysians is not a new thing and is a supporting system complementing existing ones.
“In terms of advertising, Thailand’s traditional media such as TV and newspapers dominate but we see a huge opportunity in Malaysia with non-traditional media for creating brand awareness,” he said, adding Malaysia was a very friendly investment destination for overseas investors.
PBSB also owns 90 per cent of shares in Redberry Outdoors Sdn Bhd, 83.9 per cent in Focus Media Network Sdn Bhd, 49 per cent in Redberry Media Sdn Bhd, 49 per cent in Point Cast (M), 74.9 per cent in Meru Utama Sdn Bhd, and 51 per cent in Titanium Compass Sdn Bhd.
The company is currently finalising the acquisition of 90 per cent equity interest in Ten Plus Resources Sdn Bhd.
Redberry Sdn Bhd is principally an investment holding company while VGI Malaysia Sdn Bhd is a subsidiary of VGI Global Media Public Company Limited, the leading out-of-home media company in Thailand and among the top five most profitable in the sector in Asia.