Star Media Group calls EGM to approve land deal

An aerial view of Menara Star in Petaling Jaya. — IZZRAFIQ ALIAS/The Star

PETALING JAYA: The Star Media Group (SMG) has called for an extraordinary general meeting (EGM) on May 31 to seek shareholders approval to take a 13% substantial stake in plantation company Matang Bhd.

The EGM will be held virtually and upon approval by shareholders, SMG will get the nod to receive 357 million new shares in Matang issued at an issue price of 8.09 sen per share, as well as a cash payment of RM4.12mil.