Filings with Bursa Malaysia showed that Tong bought 1.84 million shares or a 0.25 percent stake in Star Media, while The Edge Communications Sdn Bhd bought another 37.5 million shares or 5.17 million shares for a 5.17 percent stake.
MCA remains the main shareholder with a 45.4 percent stake in the publisher.
The Edge reported that Tong told the company’s staff in an internal memo that the move was 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 said.
Star Media shares closed 11 percent higher at 51 sen today.
The group’s stock prices had been hovering around 31 sen for the past few months but had been steadily increasing since April 10 when the price was at 34.5 sen.
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