Meaningless for Umno to own Media Prima now, says Najib

The New Straits Times Press (Malaysia) Bhd, which is under the Media Prima group of companies. (Facebook pic)

KUALA LUMPUR: Former Umno president Najib Razak says the decision to give up the party’s shares in Media Prima, Malaysia’s largest media conglomerate, is because it felt the party would no longer benefit from such ownership after its fall from power.

Media Prima owns four public television channels and newspaper publisher The New Straits Times Press (Malaysia) Bhd.

“It is meaningless to have a minority share because NST is no longer friendly to us,” he told reporters at the Parliament lobby, referring to NSTP’s flagship publication.

The former prime minister also said Media Prima was no longer “an effective tool” for Umno.

Media Prima reported a net loss of RM40.41 million in the first quarter of this year.

It was reported yesterday that Syed Mokhtar Al-Bukhary had acquired Umno’s 11% holding in Media Prima, making the tycoon the third largest shareholder in the company.

The Edge, quoting sources, said some RM74 million worth of shares exchanged hands on Tuesday at 60 sen a share.