Umno dumps 11.09 pct stake in Media Prima

Umno has sold a 11.09 percent in Media Prima Bhd to tycoon Syed Mokhtar Al-Bukhary, according to The Edge Financial Daily.

The report said the off-market deal happened yesterday at 60 sen a share - 23.7 percent higher than when markets closed.

"According to Bloomberg data, the shares were transacted in one block, worth a total of RM73.81 million," said the report.

Syed Mokhtar already has interest in media companies such as Malaysia Reserve and Utusan Melayu Bhd.

Umno does not explicitly own shares in Media Prima. It is believed to be in control of Gabungan Kesturi Sdn Bhd which, according to Media Prima's 2018 annual report, held 123,024,270 shares (11.09 percent) as of February 28.

Umno is also widely believed to be in control of Altima Inc, which held a 7.96 percent stake in Media Prima. The custodian for both Gabungan Kesturi and Altima Inc is KAF Trustee Bhd.

Media Prima owns four free-to-air television stations, three newspapers, four radio stations, Big Tree billboard company and many digital brands.

The group generated RM1.18 billion in revenue, down 21 percent since 2014. It has not declared dividends since 2017.