Syed Mokhtar now third largest shareholder in Media Prima, says report

(FMT) – Umno has sold its 11.09% stake in Media Prima to tycoon Syed Mokhtar Al-Bukhary, The Edge reports quoting sources.

It said the move makes Syed Mokhtar as the third largest shareholder in the media company, which owns four free-to-air television channels and newspaper publisher the New Straits Times Press (Malaysia) Bhd.

The two other largest shareholders are Mitsubishi UFJ and Employees Provident Fund.

The report said Umno is now left with a 7.96% stake in Media Prima through Altima Inc.

It said 123.02 million shares exchanged hands yesterday at 60 sen a share, at a premium of 23.7% to its closing price of 48.5 sen yesterday.

The report cited data from Bloomberg as saying that the shares were worth RM73.81 million.

Media Prima reported a net loss of RM40.41 million in the first quarter of this year.

On Monday, Syed Hussian Syed Junid replaced Mohd Nasir Ahmad as the group chairman.