Thursday 28 Mar 2024
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KUALA LUMPUR (May 9): Media Prima Bhd and Rev Asia Bhd started off on different tones this morning after Media Prima said it is buying over Rev Asia Bhd's advertising and social media business, which is parked under Rev Asia Holdings Sdn Bhd, for RM105 million, which the companies said would create Malaysia's largest digital media company.

At 9.22am, Media Prima fell 2.54% or 3 sen to RM1.15 with 544,300 shares traded while Rev Asia was up 2.07% or 2 sen to 98.5 sen with 2.61 milion shares done.  

The planned acquisition is being undertaken by its wholly-owned unit Media Prima Digital Sdn Bhd, which yesterday inked a conditional sales and purchase agreement with Rev Asia.

Rev Asia has a 70% stake in Rev Asia Holdings, while Youth Asia Bhd holds the remaining 30%.

Media Prima is specifically interested in five subsidiaries held by Rev Asia Holdings, namely Rev Digital Sdn Bhd, Rev Lifestyle Sdn Bhd, Rev Social Malaysia Sdn Bhd, Rev Social International Sdn Bhd and Rev Entertainment Sdn Bhd.

Media Prima said other than the five named, other subsidiaries under Rev Asia Holdings will be disposed of by the group prior to completion of the sale.

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