Confirming speculations, Sarawak timber tycoon and media baron Tiong Hiew King is now the second biggest shareholder in Nanyang Press Holdings.

Tiong already owns Sin Chew Media Corporation Bhd, which publishes the Chinese-language newspapers Sin Chew Daily and Guangming Daily .

Apart form this, the 70-year-old tycoon also owns an English newspaper called The National in Papua New Guinea and the Hong Kong-based Ming Pao Daily , reputed to be the most prominent Chinese language newspaper in the world.

Nanyang, on the other hand, publishes newspapers Nanyang Siang Pau and China Press as well as 200 other publications.

Previously, Tiong, who is worth RM3.8 billion, held a stake in Nanyang via two companies Tiong Toh Siong Holdings Sdn Bhd and Pemandangan Sinar Sdn Bhd.

However, Madigreen Sdn Bhd - a company linked to him - recently acquired 20.44% of shares in the publishing company.

This makes Tiong the second largest shareholder with about 23% after MCA's investment arm Huaren Holdings which controls 41.97%.

Madigreen is owned by Pertumbuhan Abadi Enterprise - which is controlled by Tiong, his daughter Tiong Choon and the tycoon's associate Lau Sze Yuan.

Meanwhile, Oriental Daily News reported that two of Madigreen's directors were also directors in Tiong's flagship company Rimbunan Hijau Sdn Bhd.

Time is right

Another interesting development was that New Paragon Limited - the previously second largest stakeholder in Nanyang - disposed its 14.81% shares on the same day Madigreen acquired its stake.

This led to the speculation that New Paragon was merely holding the shares for Tiong during the 'sensitive' period when MCA bought into Nanyang amid much protest.

Following MCA's takeover in May 28, 2002, Tiong's name was dragged into the controversy after it was rumoured that Sin Chew had a hand in the episode.

Despite the tycoon's denial, about 100 columnists stopped writing to Sin Chew Daily (then known as Sin Chew Jit Poh ) and Guangming in protest.

The speculation that Sin Chew will eventually acquire Nanyang from MCA became rife again after former Sin Chew Media Corporation Bhd executive director Gan Chin Kew was appointed as the new group managing director/group chief executive officer of Nanyang last month.

Commenting on these developments, former Selangor Chinese Assembly Hall chairperson Ngan Ching Wen reportedly said that maybe Tiong feels the time is right for him to make his move.

Ngan was among those in the forefront of the opposition to MCA's acquisition of Nanyang on the grounds that it would erode editorial independence.