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Tuesday, August 23, 2011

Bina Puri in reverse takeover of Oriented Media Group (STAR)

Bina Puri Holdings Bhd has launched a reverse take-over on ACE Market-listed Oriented Media Group Bhd (OMedia) via the injection of asset from an Indonesian power generation company.

The asset being injected into OMedia is an 80% stake in PT Megapower Makmur, valued at RM19.2mil which will give Bina Puri’s 100% unit Bina Puri Power Sdn Bhd 55% of OMedia. OMedia is paying for the asset via the issuance of 192 million new OMedia shares at a price of 10 sen each.

“OMedia will eventually become a unit of Bina Puri Power, and we anticipate a change in administration and this would be a positive step forward for the company,” said OMedia executive chairman Lau Kin Wai in a statement yesterday.

Indonesia-based PT Megapower is focused on the power generation business with concessions entered with PLN, the Indonesian equivalent of the national grid operator, Tenaga Nasional Bhd. It operates five concessionary diesel-based micro power plants with a total 10 megawatt electricity capacity contracted to PLN. OMedia said its software and digital media business was declining and the new power business would provide the company with a steady stream of income.

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