Sun­way ven­tures into dig­i­tal me­dia busi­ness

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Con­glom­er­ate Sun­way Bhd is ven­tur­ing into the dig­i­tal me­dia busi­ness.

In a fil­ing with the stock ex­change, Sun­way said its wholly owned sub­sidiary Sun­way Hold­ings Sdn Bhd (SHSB) had en­tered into a sub­scrip­tion and share­hold­ers agree­ment with Alan Ow Wui Kiat, Er­man Ak­inci and Mon­u­men­tal Pro­duc­tions Sdn Bhd to set up a joint ven­ture (JV) to in­vest in the dig­i­tal me­dia busi­ness.

SHSB will hold an 80% stake in the JV, while Ow and Er­man hold 10% each. The au­tho­rised and paidup cap­i­tal of the JV are RM400,000 and RM2 re­spec­tively.

SHSB also en­tered into a call op­tion agree­ment with Ow and Er­man to grant to the duo the right to pur­chase a to­tal of 400,000 op­tion shares at an ex­er­cise price of RM10 each within the op­tion pe­riod of three years.

Sun­way said the JV will be used to in­vest in dig­i­tal me­dia busi­ness, con­tent and as­sets.

It noted that the dig­i­tal me­dia in­dus­try is grow­ing rapidly in Southeast Asia, fu­elled by in­creased dig­i­tal ad­ver­tise­ment spend­ing in the re­gion.

“The pro­posed JV will be in­vest­ing in the dig­i­tal me­dia busi­ness to cap­ture the size­able growth op­por­tu­nity,” it added.

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