A company linked to Syed Mokhtar Al-Bukhary has moved past Umno as the second-largest shareholder in Utusan Melayu (Malaysia) Bhd.

According to a July 22 notice to Bursa Malaysia, Nilam Setar (M) Sdn Bhd acquired an additional 5.5 million shares, increasing its stake in the group to 19.72 percent.

The size of Nilam Setar's stake is currently only behind Opulance Global Asia Sdn Bhd (31.6 percent), which is controlled by Umno politician Abd Aziz Sheikh Fadzir.

Umno's direct stake – held through trustee RHB Nominees (Tempatan) Sdn Bhd – is 18.2 percent.

Nilam Setar had acquired the shares from little known Aspirasi Sigma Sdn Bhd and Fasa Mahsuri Sdn Bhd. Both sellers divested all their shares.

Although Syed Mokhtar is not listed as a shareholder of Nilam Setar, the company shares the same Kuala Lumpur address as some of his firms, such as Kelana Ventures Sdn Bhd and Prisma Dimensi Sdn Bhd.

The reclusive Syed Mokhtar has been gradually increasing his media assets over the years and could ultimately become Malaysia's media czar.

He is believed to be the owner of business newspaper The Malaysian Reserve. 

He is also believed to have a 23.9 percent stake in Media Prima Bhd, which owns television stations, newspapers, billboard companies and many websites.

According to The Edge Markets, Syed Mokhtar also owns the country's digital TV transmission backbone through MYTV Broadcasting Sdn Bhd, MPH Bookstores and Percetakan Nasional Malaysia Bhd.