In another blow to the local print industry, Malaysian Newsprint Industries Sdn Bhd (MNI), a regional paper manufacturer and supplier has begun its winding-up proceedings.
MNI is partly owned by The New Straits Times Press (M) Bhd (NSTP) and Hong Leong Industries Bhd (HLI).
Incorporated on Aug 4, 1976, MNI is an indirect associate of Media Prima by virtue of NSTP’s 21.36% direct equity interest. HLI, meanwhile, has a 33.65% interest.
“The board of MNI was of the opinion that MNI could not continue its business. MNI had been operating under very difficult market conditions, especially declining newsprint demand, and has incurred losses for the past three years,” Media Prima and HLI said in separate announcements.
They added that apart from the one-off impairment, the liquidation of MNI will not have any other adverse impact on their respective group and would no longer have to equity account MNI moving forward.
Media Prima will make a full impairment of RM142.4mil which is the group’s carrying amount of investment in MNI as at June 30, while HLI group will make a full impairment provision of RM171.5mil, representing its carried amount of investment as at the same date.
In 1998, MNI signed a US$287mil (RM1.2bil) project financing deal for the construction of the country’s first newsprint mill.
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