The Edge and its owner no longer substantial shareholders of Star Media

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The Edge Communications and its owner, Tong Kooi Ong, are reportedly no longer substantial shareholders in Star Media Group. This is following the latest share sale it held last week.

According to The Edge, Tong sold out his stakes of 0.2% (1.45 million shares) on 2 and 3 May. The Edge, on the other hand, reportedly sold 1.5 million shares on 3 May.

The transaction price was not disclosed.

Don't miss: The Edge buys 5.42% stake in Star Media: What this could mean for the future of the publication

At this point in time, The Edge is reportedly left with 36 million shares or 4.87% in Star Media. This is based on its issued share capital of 738.56 million shares, according to The Edge.

Meanwhile, Tong is reportedly interested in Star Media via his shareholding in The Edge.

A+M has reached out to The Edge and Star Media Group for more information.

This news comes after The Edge bought a 5.42% stake in Star Media in April last year.

Filings with Bursa Malaysia, as seen by A+M, reflected that Tong owned a direct interest of 1.84 million shares, or 0.25% stake, as well as 37.5 million shares or 5.17% indirect interest in The Edge Communications.

According to reports by The Edge Markets, Tong said in an internal memo to staff that the acquisition is purely for investment purposes.

“This is an investment in a company whose share price and capitalisation have for several years been well below the cash it has, and the value of its property assets. It has no debt and is clearly under value,” he added, according to the report.

Photo courtesy The Edge Malaysia Facebook

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