The Edge Communications and its owner Tan Sri Tong Kooi Ong have emerged as major shareholders of Star Media Group

The owner of The Edge, Tong Kooi Ong is now a major shareholder of Star Media Group

"The acquisition is purely an investment," Tong said in an internal memo. 

"The acquisition is purely an investment," Tong said in an internal memo.=

KUALA LUMPUR: The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have emerged as major shareholders of Star Media Group Bhd (SMG).

According to the media company's notification on Bursa Malaysia, Tong has a direct interest of 0.254%, or 1.84 million shares.

He has another 37.5 million shares, or a 5.17% stake indirectly through The Edge Communications.

According to The Edge, Tong in an internal memo said the acquisition was purely an investment.

"This is an investment in a company whose share price and capitalization for several years is far below the cash it has, and the value of its real estate assets.

"It has no debt and is clearly undervalued," he was quoted as saying.

For the financial year ending 31 December 2022, SMG recorded a net profit of RM6.92 million, or 0.95 sen of earnings per share on revenue of RM217 million.

The group has proposed a first and final dividend of 1.0 sen per ordinary share for the financial year ending December 31, subject to shareholder approval at the forthcoming 51st annual general meeting.

The payment date is on June 6, while the ex-date falls on May 23, followed by the eligibility date on May 24. -