Huaren sells shares in media company

KUALA LUMPUR: Huaren Holdings Sdn Bhd has disposed of the Media Chinese International Ltd shares held by the company, said its chairman Datuk Seri Tan Chai Ho.

Tan said Huaren had disposed of 60,394,191 shares, comprising a 3.6% stake, in Media Chinese last month, for RM47.88mil cash.

He said in a statement Huaren ended up with a stake in Media Chinese following a merger and a scheme of arrangement undertaken in 2008 by Ming Pao Enterprise Corp Ltd, Sin Chew Media Corp Bhd and Nanyang Press Holdings Bhd.

The board of directors is of the opinion that the disposal is in the best interests of the company, he said.