Datuk Michael Chan (DMC), previously serving as the Deputy Group Managing Director of Media Prima Berhad, has successfully acquired Ganad Media Sdn Bhd, one of Malaysia’s oldest outdoor media companies.
The transaction details remained undisclosed, with estimates valuing the deal near USD 2 million, a figure inferred from Ganad’s substantial portfolio.
Ganad Media issued a statement noting that DMC had executed a term sheet at the end of 2023 to take control of the company from the family of founder Gan Kok Beng.
DMC is known in the media sector as a maverick with a track record of revitalizing media operations.
His notable achievements include the successful delivery of South East Asia’s largest digital TV project MYTV, and the transformation of Media Prima into a profitable entity, steering the company to generate revenues surpassing USD 200 million.
This acquisition signals the first in a series of strategic acquisitions for DMC. Through his Singapore-based investment firm, Fettes Ventures Pte Ltd, he is reported to have raised USD 100 million to finance further expansion into media assets across the region.
DMC, who left Media Prima just shy of a year ago, is noted for his connections with Datuk Seri Johari Ghani, the current Malaysian Minister of Plantation Industries and Commodities.
Observers note that DMC’s latest asset acquisitions appear to be in alignment with strategies pursued by his past colleagues and business associates.
Speculation earlier suggested a potential takeover of Media Prima by DMC and another group with political links.
His focus seems to have now shifted to regional assets, particularly after his appointment as Advisor to Hary Tanoesoedibjo, the Indonesian tycoon owner of MNC Group.
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