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

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

“We are actually surprised by some information and their interpretations quoted in the article that are not consistent with facts we disclosed in the company’s announcement,” Yeow, who is SMG group CEO, responded when approached at the Federation of Motor & Credit Companies Associations of Malaysia (FMCCAM) anniversary dinner last night.

“The analysis we rely on was performed by a professional and Bursa Malaysia-approved licensed independent adviser, 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 said.

He also invited concerned shareholders to come forward and attend the upcoming EGM to get first-hand information on this proposal.

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

Tong emerged as a substantial shareholder in SMG last month, having a direct 0.254% stake, or 1.84 million shares, in SMG, while through The Edge Communications, he has an indirect 37.5 million shares or 5.17% stake.

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

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