The MCA-owned Huaren Holdings today endorsed the company's RM230 million takeover of Nanyang Press Holdings although two of the four trustees abstained from the vote.

The deal was endorsed after senior trustee and MCA president Dr Ling Liong Sik overrode the two abstaining votes by MCA deputy president Lim Ah Lek and vice-president Chua Jui Meng at Huaren's EGM in Wisma MCA, Kuala Lumpur, this afternoon.

The other trustee who voted in favour of the takeover was party secretary-general Dr Ting Chew Peh.

Huaren Holdings is the investment arm of MCA.

Ling said he was disappointed with Lim and Chua's decision. Asked by reporters why the two abstained, Ling replied, "They said it (their vote) was irrelevant."

He added that under the Memorandum of Article of Huaren, as the most senior trustee, he had the right to override other votes.

Lim and Chua had earlier refused to ratify Huaren's EGM that was called on June 14, saying it was on short notice and that they needed to a 14-day notice.

The trustees were appointed unanimously by the MCA central committee years ago and would not be replaced until they retire or resign.

Ling is also urging the two legal firms representing the unnamed interested parties who have proposed to buy over MCA's stake in Nanyang Press - which publishes the Chinese dailies Nanyang Siang Pau and China Press - to disclose the identity of their clients.

"We cannot talk to them when we do not know the principals," Ling explained.

He said MCA will decide on its potential strategic partner after it has acquired all the facts.

The party is in the process of talking to other partners as well, he added.

A Chinese consortium led by Lim Guan Teik was the first to publicly offer to take over MCA's 72.35 percent stake in Nanyang Press at a price of RM5.60 per share.

Ling promised to take note of the Chinese community's protest towards the possible participation of Nanyang Siang Pau 's rival paper, Sin Chew Jit Poh , in acquiring Nanyang Press.

Monthly protest

The purchase of Nanyang Press sparked off strong objections from the Chinese community as well as rank-and-file MCA members who feared that the independence of the two major newspapers involved would be compromised by the takeover.

A faction of MCA leaders, which included Lim and Chua, also opposed the Nanyang takeover as they claimed it breached the party's constitution.

An extraordinary general meeting (EGM) called by the party on June 24 to resolve the matter saw 53 percent of the delegates voting in favour of the deal.

On June 28, more than 100 Nanyang Siang Pau dan China Press journalists and staff were joined by non-governmental organisations at a candle light vigil outside the Nanyang Press headquarters.

The group are planning a monthly protest on the same date to mark the day Nanyang fell into MCA hands in May.