Sec-gen says Media Prima stake sale part of Umno’s restructuring, asset review

KUALA LUMPUR, July 4 — Umno is restructuring and reviewing its investment portfolios to generate needed funds, secretary-general Tan Sri Annuar Musa said, to explain the party’s sale of a partial stake in Media Prime Bhd.

The Keterah MP also said the measures were meant to ensure Umno’s financial viability moving forward, when asked by reporters about its sale of an 11-per cent stake in the media group to Tan Sri Syed Mokhtar Shah Syed Nor Albukhary.

“We are in the restructuring process and reviewing our investment portfolios as we need to plan ahead as a political party.

“Much has been done in terms of our investments, but I cannot disclose it as it is confidential,” said the Umno lawmaker when met at the Parliament lobby here today.

Annuar added that the investment portfolios are private internal matters that involve other shareholders and that the party is bound by restrictions from making public statements on the matter.

Meanwhile, former prime minister Datuk Seri Najib Razak said the move was necessary for Umno at this point.

“If we have a minority of the share, it does mot matter. Because NST is not really friendly to us anymore,” he quipped to reporters.

Yesterday, The Edge Markets reported that Syed Mokhtar had bought Umno’s 123 million share, which had been held in proxy by Gabungan Kesturi Sdn Bhd, for an estimated RM73.81 million.

The acquisition will expand the tycoon’s media presence by adding to his equity in Utusan Melayu Bhd and The Malaysian Reserve.

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