Yeow: Tong’s take on Matang deal inconsistent with EGM circular

PETALING JAYA: Star Media Group’s (SMG) Alex Yeow has expressed surprise over an analysis by Tan Sri Tong Kooi Ong on the deal by SMG Bhd and Matang Bhd.

"We are actually surprised with some facts and its interpretations quoted in the article which are not consistent with facts we disclosed in the company’s announcement," said Yeow, who is SMG group chief executive officer (CEO) when approached at the Federation of Motor & Credit Companies Associations of Malaysia (FMCCAM) anniversary dinner on Saturday (May 27).

"The analysis we rely on was performed by a professional and Bursa Malaysia-approved licensed independent advisor, who has stated their independent opinion.

“While we respect him (Tong) as a media veteran, we urge our shareholders to read our Extraordinary General Meeting (EGM) circular carefully for accurate facts," he added.

Yeow also invited all concerned shareholders to attend the coming EGM for first hand information of the proposal, in order to make a well informed decision.

In his column, Tong’s Portfolio published in The Edge, Tong questioned the value of the deal with Matang and cost of constructing the buildings at the Star Business Hub.

Tong emerged as a substantial shareholder in SMG last month, after filings with Bursa Malaysia showed that he has a 0.254% direct stake or 1.84 million shares in SMG.

He has another 37.5 million shares or 5.17% indirect stake through The Edge Communications, which is a publisher of business and financial news.

In light of Tong’s analysis, some have queried the motivation behind his comments.

Tong is the owner of The Edge Communications Sdn Bhd.

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