KUALA LUMPUR, July 3 — Tan Sri Syed Mokhtar Shah Syed Nor Albukhary has acquired Umno’s 11 per cent holding in Media Prima Bhd, according to unnamed sources.
The acquisition will expand the tycoon’s media presence by adding to his equity in Utusan Melayu Bhd and The Malaysian Reserve.
According to The Edge Markets, Syed Mokhtar bought Umno’s 123 million shares, which had been held in proxy by Gabungan Kesturi Sdn Bhd, for an estimated RM73.81 million.
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 (EPF) 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.
*Note: A previous version of this story contained an error which has since been corrected.
