A further 4.5% of Media Prima traded off-market at 60 sen apiece

KUALA LUMPUR: Fifty million shares in Media Prima Bhd, representing 4.51% of the company, were crossed off-market yesterday for a total of RM30 million or 60 sen apiece.

At the price, the shares were transacted at a 23.71% premium to Media Prima’s closing share price of 48.5 sen.

Although the parties to the direct business transaction have yet to be made known, yesterday’s crossed deal marks the third time in slightly over a month that a block of shares of the integrated media group has changed hands at 60 sen apiece.

Two previous transactions involved Aurora Mulia Sdn Bhd, a private vehicle believed to be linked to tycoon Tan Sri Syed Mokhtar Albukhary. On July 2, Aurora emerged as the buyer of a 11.09% stake in Media Prima, which it acquired from Gabungan Kesturi Sdn Bhd, an Umno-owned company.

A week later, Bursa filings show that Aurora Mulia acquired another 4.96% or 55 million shares at the same price to bump its stake to 16.05% or 178.02 million shares.

If Aurora Mulia is the purchaser of yesterday’s block of shares, its shareholding in Media Prima would increase to 20.56% or 228.02 million shares.

Syed Mokhtar’s son Syed Danial Syed Mokhtar Shah, is a board member of Aurora Mulia.

Syed Mokhtar is also believed to be in control of a 12.8% stake in Media Prima held by Mitsubishi UFJ Financial Group Inc, which taken together with yesterday’s acquisition — if related to him — could trigger a mandatory general offer (MGO).

CIMB analysts Kamarul Anwar and Mohd Shanaz Noor Azam have written on the possibility of an MGO being triggered as a result of these share acquisitions, but that is yet to be seen.

A further 7.96% in Media Prima held by Altima Inc — an Umno trustee — has also been the subject of speculation, with market observers pointing to the possibility of Syed Mokhtar’s interest in the stake.

Over the past 12 months, Media Prima shares have been trading between 32.5 sen and 60 sen. Year-to-date, its share price has shot up by 40.58% from 34.5 sen.

Source: TheEdgeMarkets