NEXNEWS Bhd has received the Securities Commission (SC) app- roval for its proposed acquisition of a 70% interest in The Edge Communications Sdn Bhd and 100% in Sun Media Corporation Bhd. The target companies are publishers of the business weekly The Edge and English daily theSun, respectively.
Nexnews, which had previously been involved in jewellery manufacturing, said it had planned a new core business to strengthen the company as it had been registering losses in the past few years. Last year, Nexnews posted a pre-tax loss of RM6.6mil on a turnover of RM10.9mil.
With the approval, Nexnews will work towards meeting the conditions in order to proceed to establish its core business in media content and publishing through its two subsidiaries, said its chief executive officer Tong Kooi Ong.
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