Last Updated: 6:04pm, Feb 17, 2014

PETALING JAYA: (Feb 17): The nation's eighth richest man, Tan Sri Syed Mokhtar Al-Bukhary, is reported to have completed the purchase of The Malaysian Reserve - staff of the financial daily were informed today.

Sources have since confirmed the sale while an official internal announcement of the takeover was made earlier this month. Rumours of the takeover have been circulating in the media industry for the last six over months now.

Though sources indicate that Syed Mokhtar may hold up to 90 per cent stake in the newspaper, the amount involved in the purchase is yet to be acsertained.

Employees of The Malaysian Reserve revealed that the publisher of the financial daily, SHP Media , formerly Syed Hussain Publications sold their stakes to the billionaire.

"Overall we are relieved that the deal is done. Previously we had faced problems with delayed salaries and claims. With this deal, backed by one of the country's billionaires, we feel much more confident and relieved," said a staff.

Earlier, Datuk Siew Ka Wei, the managing director and owner of the Redberry Group had denied rumours of the sale.

The purchase now widens Syed Mokhtar's stakes in the local media industry. He now owns MPH Group Malaysia Sdn Bhd, which is among the largest bookstore chains in the country, through Jalinan Inspirasi Sdn Bhd.

The Malaysian Reserve first hit the streets in 2007 and had since early this year expanded to Sabah and Sarawak.

For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.