Huaren Holdings to sell 21% stake in Nanyang

  • Nation
  • Wednesday, 18 Oct 2006

KUALA LUMPUR: Huaren Holdings Bhd, the MCA’s investment arm, has decided to dispose of 21.02% of its shares in Nanyang Press Holdings Bhd to Ezywood Options Sdn Bhd, a company owned by timber tycoon Tan Sri Tiong Hiew King. 

Huaren would only hold 20% of Nanyang Press shares, which means it would no longer be the largest shareholder of Nanyang, MCA president Datuk Seri Ong Ka Ting said. 

He said the MCA central committee was briefed on the proposed sale by Huaren board representatives at the party's central committee meeting at Wisma MCA here yesterday. 

“The MCA (central committee) members feel that the decision was solely based on commercial considerations,” he told a press conference after attending a special briefing to the party leaders and committee members at Wisma MCA.  

“The board has told us that the sale is from a commercial investment point of view. It’s necessary and suitable to do it at this time.  

“We also take note that Huaren Holdings will do all acts necessary to complete the sale and will make the necessary announcements when appropriate.”  

Ong said the party would not interfere in the decision made by Huaren as the party had confidence in the board. 

On whether it was worth it to sell the shares now as its purchase five years ago had split the party, Ong said: “The board has made a decision, which the (central committee) members have no objection to. Certainly we have taken all considerations.” 

Nanyang Press Holdings Bhd publishes Nanyang Siang Pau and China Press

Related story:Rimbunan Hijau chairman takes control of Nanyang group

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