MCA’s investment arm Huaren Holdings Sdn Bhd (Huaren) has finally announced today that it has disposed of its entire shareholding in Media Chinese International Ltd this Aug.

Media Chinese International owns, amongst others, local Chinese newspapers Nanyang Siang Pau, Sinchew Daily, China Press and Guang Ming Daily .

tan chai ho pc 200809 01 Huaren’s chairperson Tan Chai Ho ( left ) said that the move was, in the board of directors’ opinion, “in the best interest of the company.”

Tan in a statement today revealed that the company had last month disposed of 60,394,191 ordinary shares of HK$0.10 per share, for a total cash consideration of RM47.88 million.

The amount represented Huaren’s entire shareholding in media tycoon Tiong Hiew King's Media Chinese International, representing 3.6 percent equity interest.

“Huaren’s 3.6 percent equity in Media Chinese International Ltd was the result of a merger and a scheme of arrangement undertaken in 2008 by Ming Pao Enterprise Corporation Ltd, Sin Chew Media Corporation Bhd and Nanyang Press Holdings Bhd,” said Tan, who is also MCA treasurer.

Tan however did not mention who the buyer was.

Media buy and sell

               

MCA’s investment arm Huaren Holdings took over Nanyang Press despite strong public protests against the much maligned RM230 million deal in 2001.

nanyang and sinchew newspaper 070904 Following MCA’s takeover, Tiong’s name was also dragged into the controversy after it was rumoured that Sin Chew had a hand in the episode.

In 2006 MCA, after much public speculation, sold off 21.02 percent of its controlling 44.4 percent stake in Nanyang Press Holdings - the owner of Chinese dailies Nanyang Siang Pau and China Press - to Ezywood Options Sdn Bhd for RM64.7 million.

This move and the subsequent merger left Huaren with the 3.6 percent equity interest that it has held until the announced disposal last month.

Not much is known about Ezywood apart from the fact that Sarawak timber tycoon and media baron Tiong Hiew King is one of its directors.