Quick take: Media Prima declines after Umno sells stake

Syed Mokhtar is the single largest shareholder in the media group with a 16.05% stake.

KUALA LUMPUR: Media Prima Bhd fell 1% at midday after one of the group’s biggest shareholders, Umno sold its 11.09% stake to Tan Sri Syed Mokhtar Al-Bukhary.

The media group fell marginally by 0.5 sen, or 1.03% to 48 sen with over 1.45 million shares traded. 

An English businss daily reported that Syed Mokhtar has acquired Umno’s 11% holding in Media Prima, making him the third largest shareholder in the media group. 

The acquisition will expand the tycoon’s media presence by adding to his equity in Utusan Melayu Bhd and The Malaysian Reserve.

Umno’s block of 123.02 million shares was held through Gabungan Kesturi Sdn Bhd. The shares were transacted off market yesterday for an estimated RM73.81mil, or 60 sen per share. 

Umno is still left with a 7.96% stake in Media Prima after the share sale. The stake is held through Altima Inc, which is the fourth biggest shareholder in the media group.

In the first quarter ended March 31, Media Prima’s net loss widen to RM40.41mil, from RM21.83mil in the same corresponding period last year. Its revenue for the period fell 14.8% to RM239.1mil from RM280.67mil a year ago.