This article first appeared in The Edge Financial Daily on March 29, 2018

KUALA LUMPUR: 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.

The Sarawak timber and media tycoon’s 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 with the stock exchange yesterday. The changes will be effective on April 1.

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

He last week profited about RM3.9 million by taking advantage of the price differences in MCIL shares at the Malaysian and Hong Kong stock exchanges. He disposed of 4.8 million shares in Hong Kong and bought an identical amount on Bursa Malaysia.

At the time, shares in MCIL were on an uptrend, rising to a five-month high of 44 sen on the local bourse and HK$2.69 (RM1.32) in Hong Kong.

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

Interest in MCIL 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. Yesterday, the advertising and media services provider opened at a 880% premium of HK$8.40 compared to the initial public offering price of HK$1.20. The stock later pared gains to close at HK$6.38.