The Star reported that MCA had announced that it has bought a 42.4% stake in Star Publications (M) Bhd for RM1.28bil, or RM4.09 a share, from its wholly-owned subsidiary Huaren Holdings Sdn Bhd and is in the process of maintaining its beneficial interests in Star.
MCA said: "The transfer is effected for the purpose of reorganizing MCA's investments, whereby Huaren Holdings will divest its passive investment in Star and increase focus on its investments in unquoted shares and other assets, in order to achieve greater management efficiency and provide maximum return to stakeholders"
In fact, this is only a change of hands (from Huaren to MCA). This is an ongoing process being intended by both parties to streamline its operations. Prior to this, Huaren had also disposed its entire 3.6% stake in Media Chinese International Ltd (MCIL). MCIL which controlled 4 Chinese dailies - Sin Chew Daily, Nanyang Siang Pau, China Press, and Guang Ming Daily, became a hot debate topic in last MCA general election, pertaining mainly 2 issues:
- Returning the freedom of press to respective Chinese dailies.
- MCA has been making losses since Nanyang purchase, which was reported amounting to RM100mil.
FM hope to see a unbiased reporting from all dailies in Malaysia. I doubt it can be done with MCA being the largest shareholder in The Star. Its no surprise that why more and more Malaysians are relying on world wide web for information.