'Redberry not taking over The Malaysian Insider'

Siew Ka Wei - who controls Ancom Bhd with a 16.63 percent equity interest - said that contrary to market speculation, his company is not buying online news portal The Malaysian Insider.

This flies in the face of rumours in the market that Ancom’s wholly-owned unit Redberry Sdn Bhd had already acquired The Malaysian Insider, or is in the last leg of negotiations to buy over the portal.

“Redberry is not buying The Malaysian Insider, and you can quote me on that,” Siew said in a brief phone conversation with KiniBiz.

However, he declined to comment when asked if Redberry was perhaps looking at other methods of a takeover.

“The rumour is just too strong, there is surely something brewing. He (Siew) may take control in some other manner... There are many ways to skin a cat.

“Everyone knows he (Siew) is expanding his media business,” a market watcher familiar with Siew said.

Ancom’s stock has also generated interest, having gained 8.5 sen - or almost 27 percent - since early this month and was trading at the 40 sen band at 4pm.

There is no indication as to what sort of price tag The Malaysian Insider may be pegged with.

Go to KiniBiz for more.