Sarawak business tycoon Lau Swee Nguong has made a monopoly-breaking offer to buy all Nanyang Press Holdings Bhd shares from Chinese print media mogul Tiong Hiew King.

"I shall accept and purchase all shares owned by Tiong, split the shares and re-sell these to any corporation, society or individual from the Chinese community, (provided that) no such corporation, society or individual shall own more that 5 percent of the entire paid-up capital of Nanyang Press," Lau said at a press conference in Kuala Lumpur yesterday.

Lau, 81, is chairperson of KTS Group, a well-known timber conglomerate in Sarawak which owns See Hua Daily News , Borneo Post and Utusan Borneo in Sarawak and Oriental Daily News in the peninsula.

Oriental Daily News is the main competitor to the four Chinese dailies owned by two media groups controlled by Tiong - Sin Chew Media Group which publishes Sin Chew Daily and Guangming Daily , and Nanyang Press which publishes Nanyang Siang Pau and China Press .

The four dailies take up 85 percent of total Chinese daily circulation, 87 percent of Chinese daily readership and 86 percent of the advertisement income of Chinese dailies.

Lau, also a prominent educationist in Sibu, said he made the offer in his personal capacity "responding to scores of requests from friends in the Chinese community... It has nothing to do with my company and the directors".

The offer aims to ensure the healthy advancement of the Chinese media's development, according to Lau.

"The Chinese community has reacted with great dismay to the unveiling of the Tiong family's controlling stake in Nanyang Press.

"The general consensus is that a monopoly of the Chinese media is inevitable with Tiong's family simultaneously owning controlling stakes in both Sin Chew Media Group and Nanyang Press, hence effectively stifling opinions."

Lau extended the offer to other shareholders including MCA investment-arm Huaren Holdings, which holds 20 percent of NPHB shares.

"To be a newspaper that speaks for people and not for individuals, ( Nanyang ) should not have political connections," Lau said in reply to a question about MCA's shares in Nanyang Press.

Lau also promised to raise RM5 million to be donated to the Chinese community to assist them to purchase Nanyang Press shares.

However, he conceded that the offer would materialise only if Tiong agreed to it.

"If Tiong willing to sell the shares, then we can proceed with further negotiations. This is a democratic society, he may choose not to sell them," he said.

Lau refused to disclose details of those likely to buy the shares or the offer price if the deal proceeds.

Mixed reactions

Ngan Ching Wen, who spearheaded the anti-takeover movement against MCA's acquisition of Nanyang Press in 2001, was present at the press conference. He supported Lau's move and volunteered to purchase shares.

Stating that Tiong's willingness is vital for the proposal to materialise, Ngan expressed doubts that there would be agreement.

"As far as I'm concerned, Tiong has his own plans. He wants to consolidate the Chinese media to resist the Western media," said Ngan, a former president of Selangor Chinese Assembly Hall.

On Oct 17, after months of speculation, MCA finally announced its decision to sell 21.02 percent of its controlling 44.4 percent stake in Nanyang Press to Tiong.

The purchase has increased Tiong's stake in Nanyang Press from 23.74 percent to 44.76 percent and make him the dominant media player in Malaysia with a near monopoly of the Chinese-language press.

However, the takeover has not gone down well with a large cross-section of the Chinese community.

In a related development, Nanyang Siang Pau today gave Lau's offer extensive coverage, but with a distinctly chilly tone.

The daily carried two reports - the first highlighted Lau's refusal to disclose the offer price and buyers' background.

The second stressed the presence of Oriental Daily management staff at the press conference.

It also carried 'a reporter's view' that the press conference was "unprofessional", while the editorial by the deputy editor questioned Lau's sincerity and capability in making the offer.