DRB-Hicom denies buying stake in Media Prima

In its interim financial report, the company said it posted earnings of RM736.57mil compared to a loss of RM309.63mil a year earlier mainly due to the grant to the 50.1%-owned national carmaker and better financial performance of its operating companies

KUALA LUMPUR: DRB-Hicom Bhd has dismissed a news report suggesting that the company has acquired a stake in Media Prima Bhd.

"We wish to categorically deny the statements in the said report," DRB-Hicom said in a press statement today.

Media Prima operates four free-to-air TV channels, four radio stations and publishes three newspapers.

On Tuesday, a block of 123.02 million shares in Media Prima was transacted at the price of 60 sen a share.

Sources to StarBiz that the buyer is billionaire Tan Sri Syed Mokhtar Al-Bukhary, who is also the biggest shareholder in DRB-Hicom.

DRB-Hicom is one of the country's biggest conglomerate with core businesses in automotive, services and property.

Syed Mokhtar controls a 55.9% stake in DRB-Hicom through a privately owned company. He also has stakes in media companies The Malaysian Reserve and Utusan Melayu Bhd.