KUALA LUMPUR (March 28): Sarawak timber and media tycoon Tan Sri Tiong Hiew King has relinquished his position as executive chairman of Media Chinese International Ltd (MCIL), taking up a non-independent, non-executive directorship in the group instead.

His younger brother, Datuk Seri Tiong Ik King, will be redesignated as non-executive chairman from his current role of non-independent director, MCIL said in filings to the stock exchange.

The changes are effective April 1, 2018.

Hiew King, 83, remains MCIL's largest shareholder with a 50.62% stake.

He had last week profited by about RM3.9 million by taking advantage of the price differences for the share prices in the Malaysian and Hong Kong stock exchange (HKSE). Hiew King had disposed of 4.8 million shares on HKSE and bought an identical amount on Bursa Malaysia.

At the time, shares in MCIL had been on an uptrend, rising to a five-month high of 44 sen on the local bourse and HK$2.69 in Hong Kong.

The counter has since declined 3 sen or 6.9% to close at 40.5 sen today, giving it a market capitalisation of RM683.33 million. This mirrored the fall in Hong Kong, where the counter lost 55 HK cents or 0.73% to close at HK$1.24.

Interest in MCIL had surged last week upon news that its soon-to-be-listed 7.3%-owned associate, Most Kwai Chung Ltd, had seen its shares oversubscribed by over 5,000 times. Today, the advertising and media services provider opened at an 880% premium of HK$8.40 compared to an initial public offering price of HK$1.20. The stock later pared gains to close at HK$6.38.