Utusan soars as chairman takes up big stake

  • Business
  • Tuesday, 12 Feb 2019

Abd Aziz (pic) takes over from Tan Sri Mohamad Fatmi Che Salleh who resigned on May 15 as non-executive chairman.

PETALING JAYA: Investors in Utusan Melayu (M) Bhd are rallying behind returning chairman Datuk Abd Aziz Sheikh Fadzir, who has taken up a substantial stake in the ailing newspaper publisher many hoped he can rescue.

Shares in the Practice Note 17 (PN17) company jumped 100% yesterday to close at 23 sen. Turnover was active, with 1.42 million shares traded.

Utusan, on Friday, announced that its chairman Aziz, via Opulence Asia Sdn Bhd, has acquired a 31.61% stake in the company at 19 sen a share.

It is understood that Aziz bought the stake from Utusan’s single largest shareholder UMNO, who held 49.77% stake in the group as at April 2018.

This would made Aziz as the single largest shareholder of Utusan.

Aziz, who was a former Kulim-Bandar Bahru MP, has been re-appointed as executive chairman of Utusan earlier this month.

His previous tenure as executive chairman in the group spanned six months, from June 7, 2018 until Dec 13, 2018. During this time, on Oct 26, Utusan submitted its proposed debt restructuring scheme to the Corporate Debt Restructuring Comitttee.

Other major shareholders in Utusan are tycoon Tan Sri Syed Mokhtar Albukhary’s Nilam Setar M Sdn Bhd, which had a 14.76% stake, and Aspirasi Sigma Sdn Bhd with 3.16%.

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