Aurora Mulia raises stake in Media Prima to 23.26%

PETALING JAYA: Aurora Mulia Sdn Bhd, a vehicle related to billionaire Tan Sri Syed Mokhtar Albukhary, has bought a further 2.7% stake in Media Prima Bhd, raising its equity interest in the company to 23.26%.

According to stock exchange filings with Bursa Malaysia yesterday, the acquisition took place on Tuesday via a direct business transaction.

Checks with Bloomberg data revealed that the acquisition was done in a single off-market transaction at 60 sen per share, valuing the block at Rm18mil.

To date, Aurora Mulia has spent more than Rm154mil to acquire the 23.26% stake in Media Prima.

The company’s share price was unchanged at 47 sen yesterday.

Last month, Media Prima announced that it had posted a net loss of Rm8.82mil in the second quarter ended June 30. This was, however, better than the first quarter’s net loss of Rm40.41mil, due to improved advertising and commerce revenue.

The company, in a statement accompanying its second-quarter results, said that loss after tax narrowed to Rm10.78mil compared to Rm42.82mil in the first quarter, in line with the festive season during the second quarter.

The company said its revenue rose 24.1% to Rm296.76mil from Rm239.10mil in the first quarter. Its television networks recorded a 41% increase in revenue on-quarter due to higher spending by advertisers during the festive season.

As for publishing, higher advertising and education services revenue contributed to a 15% overall increase in revenue on-quarter.

As for its Out-of-home revenue, it grew 11% in the first quarter due to an improved occupancy rate.

Its radio networks’ revenue improved 11% with stronger support from returning advertisers, while the digital media saw a 28% rise in revenue.