PETALING JAYA: Media Prima Bhd
is selling its 70% stake in loss-making Filipino subsidiary MPB Primedia Inc to MediaQuest Holdings Inc for RM53.6mil. MediaQuest is a subsidiary of Philippine Long Distance Telephone Co.
In a announcement to Bursa Malaysia, the company said the sale was made to partially recover its investments in Primedia, which was originally to be injected into a private equity media fund as part of a regional expansion strategy.
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