Syed Mokhtar raises stake in Media Prima to 31.2%

Syed Mokhtar raises stake in Media Prima to 31.2%
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KUALA LUMPUR (Sept 23): Aurora Mulia Sdn Bhd, the company linked to tycoon Tan Sri Syed Mokhtar Al-Bukhary, has raised its stake in Media Prima Bhd to 31.22%.

This follows its acquisition of 88.29 million shares, representing a 7.9% stake in the media group on Sept 19, in a direct business transaction.

Media Prima notified Bursa Malaysia of the transaction in a filing today.

On Thursday (Sept 19), Bloomberg data indicated two blocks of shares, consisting of 87.84 million shares and 451,200 units, crossed off-market. Both transactions were done at 60 sen apiece, valuing the two blocks at RM52.98 million.

It is not known as to who the sellers of the two blocks of stakes are.

The Edge Financial Daily however, quoting sources, reported on Friday (Sept 20) that the block of shares, representing a 7.96% stake, was sold by Umno-linked Altima Inc. 

Aurora Mulia, whose board members include Syed Mokhtar’s son Syed Danial Syed Mokhtar Shah, is the largest shareholder of Media Prima.

The latest acquisition takes Aurora Mulia closer to the 33% mark, at which point it would have to make a mandatory general offer for the remaining Media Prima shares not owned by the company.

Media Prima’s share price fell half a sen or 1.05% to 47 sen today, valuing the company at RM521.32 million.