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Huaren Holdings sells stakes in Media Chinese

KUALA LUMPUR, Friday 24 September 2010 (Bernama) -- Huaren Holdings Sdn Bhd, the investment arm of MCA, the country's second largest political party, has sold its entire 3.6% equity in the Media Chinese International Ltd.

Huaren Holdings Chairman Datuk Seri Tan Chai Ho said the Huaren Board had in August disposed of 60,394,191 ordinary shares of HK$0.10 sen per share for a total cash consideration of RM47.88 million.

Huaren's 3.6% equity in Media Chinese International Ltd was the result of a merger and a scheme of arrangement undertaken in 2008 by Ming Pao Enterprise Corporation Ltd, Sin Chew Media Corporation Bhd and Nanyang Press Holdings Berhad.

"The Board of Directors is of the opinion that the disposal is in the best interest of the company," said Tan, who is also MCA treasurer-general, in a statement today.

Huaren had earlier owned up to 72.3% in Nanyang, paying RM230 million or RM5.50 per share, for the stake which was approved by MCA at its extraordinary general meeting on June 24, 2001.

Later, it sold off 15.4 million Nanyang shares (a 21% stake then) in March 2007 for RM67.7 million to Ezywood Options Sdn Bhd, a vehicle controlled by timber tycoon Tan Sri Tiong Hiew King.

After the disposal, Huaren was left with 17.1 million shares or a 23.1% stake in Nanyang, which were exchanged for new shares in Media Chinese International Ltd following a merger between Tiong's Sin Chew Media Corp Bhd, Hong Kong-based Ming Pao Enterprise Corp Ltd and Nanyang in early 2008.

After the exchange, Huaren ended up with 3.6% stake in the enlarged media group called Chinese Media International Ltd which currently owned various Chinese newspapers in Hong Kong and Malaysia -- Ming Pao (Hong Kong), Sin Chew Daily, China Press, Nanyang Siang Pao and Guang Ming (Malaysia). (By ALAN TING/Bernama)

MySinchew 2010.09.24

 

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