KUALA LUMPUR – Owner of The Edge Communications Sdn Bhd Tan Sri Tong Kooi Ong is now a shareholder of Star Media Group Bhd, which publishes English daily The Star.
According to a Bursa filing, Tong owns a 5.42% stake in Star Media Group while MCA remains a controlling shareholder, holding a 45.4% stake.
Tong owns a direct interest of 1.84 million shares, which translates to a 0.25% stake, The Edge reported today.
He also owns an indirect interest of 37.5 million shares or a 5.17% stake through The Edge Communications.
In an internal memo to staff, Tong reportedly said that the acquisition is “purely an investment”.
“This is an investment in a company whose share price and capitalisation have for several years been well below the cash it has, and the value of its property assets.
“It has no debt and is clearly under value,” he was quoted as saying by The Edge.
Based on a report by The Star, for the financial year ended December 31, 2022, Star Media Group posted a net profit of RM6.92 million or 0.95 sen earnings per share on revenue of RM217 million.
It also reported that the group has proposed a first and final single-tier dividend of 1.0 sen per ordinary share in respect of the financial year ended December 31, subject to the shareholders’ approval at the upcoming 51st annual general meeting. – The Vibes, April 25, 2023
