DRB-Hicom denies buying over Umno’s stake in Media Prima

The Umno logo is seen at the Putra World Trade Centre in Kuala Lumpur. Umno still retains an almost 8 per cent stake in Media Prima. ― Picture by Yusof Mat Isa
The Umno logo is seen at the Putra World Trade Centre in Kuala Lumpur. Umno still retains an almost 8 per cent stake in Media Prima. ― Picture by Yusof Mat Isa

KUALA LUMPUR, July 3 — Conglomerate DRB-Hicom Bhd has denied today media reports claiming that it bought over 11 per cent of shares in media company Media Prima Bhd.

“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 Tan Sri Syed Mokhtar Shah Syed Nor Albukhary bought Umno’s 123 million shares, which had been held in proxy by Gabungan Kesturi Sdn Bhd, for an estimated RM73.81 million.

Malay Mail however in an earlier report mistakenly linked DRB-Hicom as buying over the shares. Syed Mokhtar controls DRB-Hicom.

The acquisition was said to expand Syed Mokhtar’s Utusan Melayu Bhd and The Malaysian Reserve.

The Malay nationalist party still retains, however, an almost 8 per cent stake in Media Prima.

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.

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