UMNO is not selling off its shares in Utusan Melayu, said the publishing company’s executive chairman, Abdul Aziz Sheikh Fadzir.

Abdul Aziz also told The Malaysian Insight he had not met with Umno president Ahmad Zahid Hamidi to discuss selling Umno’s shares in the company.

Yesterday, a blog had reported that Zahid had agreed to selling 49% of the party’s ownership shares in Utusan Melayu as the party “does not have an option, does not have funds to care for Utusan”.

A stock analyst who refused to be named, meanwhile, said Utusan’s stock price could increase if Umno sold off its shares.

“There would be new prospects for Utusan (with) a new shareholder. Maybe this would give (it) a new start.

“This would increase stock prices. When stock prices increase, it could also translate to all of their other assets,” he told The Malaysian Insight.

However, he also cast doubt over who would buy shares in the Malay daily as it was now PN17 status due to its financial issues and failure to pay debts amounting to RM1.2 million to two banks.

“If there was a business plan, it would not be a problem but who would dare to buy (the shares)?

“How many billion is needed to be invested? How many years to change people’s perception (on Utusan), and how many years for a turnaround?” he said, adding that Utusan needed to rebrand itself to gain the people’s trust.

For Universiti Malaya political analyst Hamidin Abd Hamid, Utusan’s direction and editorial powers should be given more attention.

He said Utusan’s PN17 status was not necessarily a dealbreaker for investors.

“I think the PN17 status is not a problem. Utusan has its value and brand (name).

“The obstacle for Utusan is direction. Does it want to represent the people’s needs or be a political voice?” he said.

Hamidin said Utusan had to be independent and find profitable businesses to get its readers back.

Utusan had previously delayed the payment of staff salaries for August and September.

On September 21, the Umno-owned media company initiated a voluntary separation scheme (VSS) in an attempt to offload at least 50% of its 1,500-strong workforce.

The company, in which Umno holds 49.77% of shares,  last made profit in 2011. Its accumulated losses until March was RM71.4 million. – October 27, 2018.