ONCE MIGHTY, NOW FALLEN UMNO TO SELL MORE ASSETS, SAYS ANNUAR: WILL MALAYS-ONLY PARTY CONSIDER NON-MALAY BUYERS?

UMNO is preparing to dispose of more assets after selling its stake in Media Prima Bhd last week, said party secretary-general Annuar Musa today.

“I can confirm that there are efforts to relinquish more shares held by Umno to bidders. But I cannot give more details as it’s up to the treasurer,” the Ketereh MP told reporters at the Parliament lobby today.

Annuar said he also could not reveal more as some of the disposals were subject to Securities Commission regulations.

Last week, tycoon Syed Mokhtar Al-Bukhary bought Umno’s 11.09% stake in media group Media Prima Berhad, for RM73.8 million.

It was reported that the shares were sold through an off-market deal at 60 sen a share.

Syed Mokhtar was also reported to have bought the shares at a premium of 23.7% to its closing price of 48.5 sen.

The 123.02 million shares transacted were held through Gabungan Kesturi Sdn Bhd on behalf of Umno.

Umno is currently struggling to keep the party operations running after losing federal power in the general election and began looking at restructuring its companies.

The party’s bank accounts have been frozen since last year as part of investigations into the 1Malaysia Development Bhd scandal.

At state, division and branch levels, leaders have had to come up with various ways to fund operations and activities, with some footing the bill themselves while others have opted to rent out party offices in favour of smaller premises.

– https://www.themalaysianinsight.com/

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