MEDIA Prima, Malaysia’s leading media group, plans to privatise The New Straits Times Press through a share swap to create one of the largest media groups in the country.
Media Prima will also raise RM150 million through a bond issue to finance working capital and investments, the company said in a statement today.
The 1-for-1 share exchange comes with one free new warrant for every five offer shares accepted.
Media Prima currently owns 43 per cent of NSTP, Malaysia’s oldest and largest newspaper publisher.
The merged companies are expected to generate over RM1 billion in annual revenue, with net profit exceeding RM140 million. - Reuters