TYCOON Syed Mokhtar Al-Bukhary has taken over Umno’s 11.09% stake in media group Media Prima Berhad, reported The Edge Markets today.

Quoting sources, the financial portal said Syed Mokhtar bought the shares through an off market deal at the price of 60 sen a share yesterday.

It added he bought the shares, at a premium of 23.7% to its closing price of 48.5 sen.

The block of 123.02 million shares transacted was held through Gabungan Kesturi Sdn Bhd on behalf of Umno.

The shares were transacted in one block for RM73.81 million.

The report also stated that with the purchase, Syed Mokhtar becomes the third largest shareholder in Media Prima.

The businessman also has equity interest in Utusan Melayu Bhd and The Malaysian Reserve, report said, quoting sources.

Umno is now left with a 7.96% stake in Media Prima, held through Altima Inc, which is the fourth biggest shareholder in the media organisation that has a presence in newspapers, and TV and radio stations in three languages.

Media Prima publishes three newspapers, including the New Straits Times, and operates four free-to-air television channels, including TV3, as well as four radio stations.

It is also a leading player in outdoor advertising. Furthermore, it owns some prime land.

For the first financial quarter ended March 31, 2019, the group saw its net loss widen to RM40.41 million, from RM21.83 million for the same period last year, as it continued to record declining advertising expenditure and newspaper sales.

Quarterly revenue declined 14.8% to RM239.1 million from RM280.67 million, as the group registered lower revenue across all but its home-shopping segment.

Media Prima also saw the appointment of a new chairman on Monday when Syed Hussain Syed Junid, who was the group chairman of Western Digital Sdn Bhd, took over from Mohd Nasir Ahmad.

Umno has been in financial difficulties after its accounts were frozen by the authorities since May last year over the 1Malaysia Development Berhad scandal.

The party is also struggling to find footing after losing federal power following Barisan Nasional’s defeat in the last general election. – July 3, 2019.