KUALA LUMPUR: The Star Media Group is seeking approval from its shareholders at an extraordinary general meeting to take a 13% substantial stake in plantation company Matang Bhd.
The move, if completed, will see 357 million new shares in Matang issued to SMG at an issue price of 8.09 sen per share, as well as a cash payment of RM4.12mil.It is also estimated to realise a net pro-forma gain of about RM15.6mil from the disposal. In February, Matang inked an agreement with SMG’s wholly owned unit SMG Land Sdn Bhd to acquire two units of double-storey semi-detached factory and warehouse annexed with a one-and-a-half-storey office building and other ancillary buildings - which is located within the Star Business Hub in Bukit Jelutong, Shah Alam.
Its net profit for the financial year ended June 30, 2022 rose to RM5.7mil from RM4.1mil in FY2021 as revenue grew to RM17.6mil from RM13.7mil.The proposals, if approved, are expected to be completed by the second quarter of 2023.