Star Media Group Bhd (-ve)
SHARES in Star Media Group Bhd (fundamental: 2.1/3, valuation: 1.4/3) closed 10 sen or 4.26% higher at RM2.45 yesterday.
It saw 558,000 shares traded, compared with its 200-day average volume of 293,408.5 shares.
Last Friday, the group, which publishes The Star newspaper, received an expression of interest from a client of legal firm Bird & Bird ATMD LLP to buy its 52.51% stake in Singapore-listed Cityneon Holdings Bhd, which is currently held by its wholly-owned subsidiary Laviani Pte Ltd.
The group said its board of directors would deliberate on the matter and make an appropriate announcement in due course.
The group reported a 20% year-on-year drop in its net profit for the fourth quarter of the financial year ended Dec 31, 2016 to RM39.4 million from RM49.5 million, mainly on lower revenue from print and impairment on goodwill and other investments. Revenue shrank 7% to RM260.4 million from RM280.8 million.
At the current share price, Star Media Group is trading at 1.6 times its book value.