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Friday, June 24, 2011

Asia Media in share sale talks with investors (BT)

Asia Media Group Bhd, Malaysia's largest out-of-home TV network and digital signage operator, is in talks with several investors including local media groups to take up a 10 per cent stake in the company.
In addition to that, it is also in talks with Bumiputera investors to take up 35 per cent new shares in the company, chief executive officer and executive director Datuk Ricky Wong Shee Kai said.

Asia Media wants to undertake a strategic placement to conform to certain licence requirements set by the Malaysian Communications and Multimedia Commission (MCMC).

The aim is to ensure that it has the 30 per cent Bumiputera shareholding requirement to comply with the MCMC guidelines.

The company said recently it is proposing a private placement of 79.8 million new shares to Bumiputera investors.

If all the shares are taken up, Bumiputera shareholders will control some 34 per cent of the enlarged company. Bumiputera investors currently control some 10.93 per cent.

He discounted the possibility that the share placement will trigger a mandatory general offer.

On reports that Star Publications (M) Bhd plans to take over Asia Media, Wong said that there has been no official negotiations between the two parties.

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