KUALA LUMPUR (Aug 20): Shares in financially-stressed Utusan Melayu (M) Bhd tumbled 27.27% this morning after the newspaper group, which has debts of RM139.19 million as at June 30, said it is facing an uphill task of finding a white knight to salvage it.
At 9.15am, Utusan fell 3 sen to 8 sen for a market capitalisation of RM8.86 million.
Utusan said it is “impossible for the group to convince potential investors to revive the business”, as “a few potential identified parties has declined to participate, due to [the] group’s huge liabilities”.
Utusan has turned in a seventh consecutive quarterly net loss at RM3.89 million for the three-month period ended June 30, 2019 (2QFY19). Its quarterly revenue had more than halved to RM25.91 million, from RM63.87 million in the year-ago quarter.