Malaysian tycoon Syed Mokhtar reported to buy stake in Media Prima

Malaysian tycoon Tan Sri Syed Mokhtar Al-Bukhary is reportedly buying a 11.09% stake in Media Prima from UMNO, according to The Edge Markets which quoted its sources.According to The Edge, Syed Mokhtar currently owns equity interest in Utusan Melayu and The Malaysian Reserve, and the 11.09% shares will now make him Media Prima’s third largest shareholder. After the sale, UMNO will be left with a 7.96% stake in the media company, making it the fourth largest shareholder in Media Prima, The Edge reported.A+M has reached out to Media Prima for comment.Media Prima saw a decrease in revenue from RM280.7 million last year to RM239.1 million during the first quarter ended 31 March 2019 (Q1 2019). It recorded a loss after tax of RM42.8 million in Q1 2019 compared to RM23.0 million last year due to a drop in advertising expenditure and newspaper sales. Its digital segment also saw a dip in revenue from RM19.1 million last year to RM17.4 million this year. This was a result of slower growth from digital advertising and digital marketing early in the year.(Photo courtesy: 123RF)