KUALA LUMPUR: Media Chinese International Ltd
(MCIL) is wrapping up the sale of its shares in Hong Kong-listed magazine publisher, One Media Group Ltd (OMG), and has requested for trading of its securities to be suspended on Monday pending the announcement regarding the share disposal.
The publisher of Sin Chew Daily and China Press told Bursa Malaysia on Friday that the announcement would contain certain inside information of the company in relation to, among other things, the share transfer agreement which was signed on Friday.
The MCIL group owns 73.01% of OMG, which publishes five magazines in Hong Kong, including Ming Pao Weekly, MING Watch and TopGear Hong Kong.
“OMG is required to obtain approval and clearance from the Securities & Futures Commission of Hong Kong (SFC) prior to the publication of the announcement pertinent to the share transfer agreement and other ancillary matters,” MCIL said.
On completion of the proposed disposal, the purchaser would be required under the Hong Kong Code on Takeovers and Mergers to make an unconditional mandatory general cash offer to acquire all the issued shares of OMG that are not owned or agreed to be acquired by the purchaser and/or parties acting in concert with it.
“Accordingly, in respect of OMG the offer period (as defined under the Hong Kong Takeovers Code) has commenced and OMG is required to obtain approval and clearance from the SFC prior to the publication of the announcement,” MCIL said.
Being a party to the proposed disposal, MCIL will concurrently be suspended on The Stock Exchange of Hong Kong Ltd (HKEX) pending the clearance of the announcement of OMG by the SFC.
“As MCIL is also listed on Bursa Securities, the company has also simultaneously requested for suspension on Bursa Securities. Accordingly, trading in the shares of MCIL will be suspended and uplifted simultaneously on both Bursa Securities and HKEX,” MCIL said.
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