KUALA LUMPUR, April 25 — The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have bought a stake in Star Media Group Bhd.
According to a report by The Edge Markets, Star Media’s filings with Bursa Malaysia showed that Tong owns a direct interest of 1.84 million shares or a 0.25 per cent stake.
This is in addition to the 37.5 million shares or 5.17 per cent indirect interest through The Edge Communications.
With a total of 5.42 per cent stake, The Edge and Tong are now substantial shareholders in the Main Market-listed Star Media, the report added.
Barisan Nasional component party MCA is the controlling shareholder with 45.4 per cent equity interest.
The report went on to say that Tong called the acquisition “purely an investment” in an internal memo to staff.
“This is an investment in a company whose share price and capitalisation have for several years been well below the cash it has, and the value of its property assets. It has no debt and is clearly under value,” he was quoted as saying.
Star Media Group Bhd is a multi-channel media entity with a presence across multiple platforms, from print and digital to radio, TV and events, but it is best known for publishing Malaysia’s largest English daily The Star.
