MEDIA Prima Berhad’s shares are suspended today, pending an announcement which could be related to naming a new chairman for Malaysia’s largest media group.

It is understood a corporate leader who lead a major government-linked fund will replace incumbent Fateh Iskandar Mohamed Mansor, who was named independent non-executive chairman on September 1, 2015.

Among those named as possible candidates include Ismee Ismail, the Tabung Haji chief executive who left the pilgrims fund in July 2016 and corporate player Al-Amin Abdul Majid.

“The Board of Directors of Media Prima Berhad (“MPB) wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) has approved the request for suspension in the trading of MPB’s securities with effect from 9.00 a.m. on Monday, 8 May 2017 pending the release of a material announcement,” Media Prima said on Friday.

There has been speculation of a new chairman over the past six months for the media group, ahead of a general election that must be held by 2018.

Fateh Iskandar’s job was in the balance after he fought several pro-government bloggers and allies last year. A blogger had accused Fateh Iskandar of blaming Media Prima’s flagship TV3 ratings plunge on the editors using the same government supporters for their news programmes.

Media Prima controls all private free-to-air television stations in Malaysia, and has radio stations apart from a newspaper division. Its share was last traded at RM1.18 on Friday.

Fateh, 49, is also group managing director and chief executive officer of property group Glomac Berhad, also listed on Bursa Malaysia since June 2000. He is also director in several other companies.

Media Prima fell into the red in the financial year ended December 31, 2016 as it incurred RM97.9 milion in losses from a one-off restructuring exercise and RM43.4mil in start-up costs for new initiatives.

The media group was reported today to be looking to buy digital media portals belonging to Rev Asia Bhd, a unit of Internet company Catcha Group, as part of its efforts to strengthen its online business and ease its financial woes.

The media group could be paying up to RM100 million to acquire the Rev Asia digital portals, the Star daily reported.

The report quoted sources as saying an announcement on the purchases is expected soon. – May 8, 2017.