By Jose Barrock
Private companies The Edge Communications Sdn Bhd and TH Alliance Holdings Sdn Bhd have acquired a 23% and 11% stake respectively in radio station operation BFM Media Sdn Bhd.
Tong Kooi Ong
The Edge Communications is a publishing company controlled by businessman Tong Kooi Ong, with newspapers such as The Edge, a weekly business publication with Malaysian and Singaporean editions, and The Edge Financial Daily, among others, under its stable, while TH Alliance Holdings is the vehicle of Tan Thiam Hock, of Silky Girl cosmetics fame.
Exiting BFM meanwhile was Information Support Sdn Bhd which sold its 27% block and individual Cheam Heng Cheang who sold his 7% shareholding.
Information Support is equally owned by Abdul Malek Mohamed Ali, BFM’s chief executive officer, and two individuals Toh Wai Kee and Neoh Poh Liang. However insiders say that it was largely Toh’s vehicle.
“Rumour of the deal had been circulating for some time now, but it has just been concluded,” a person familiar with the deal said.
BFM’s Abdul Malek confirmed the acquisition by The Edge Communications and Tan, but declined to give further details.
The Edge Communication’s publisher and chief executive officer, Ho Kay Tat could not be reached for comment.
Both Ho and Tan of Silky Girl are known to be close.
A check on the Companies Commission of Malaysia showed that BFM for its financial year ended June 2012, posted after tax profits of RM1.1 million from RM6.9 million in sales.
Malek Ali
BFM as at end June last year had current assets of RM3.6 million and non-current assets amounting to RM322,461. On the other side of the balance sheet, the company, BFM, had current liabilities of RM302,105 and long-term debt commitments of RM250,000.
Tong was at one time a close associate of former deputy premier Anwar Ibrahim, was the controlling shareholder of the Phileo Allied Banking group, but had to give it up during the last round of banking mergers.
For its financial year ended December 2011, The Edge Communications posted after tax profits of RM9.7 million from RM56 million in sales.
TH Alliance Holdings meanwhile posted meagre after tax profits of about RM155,000 from about half a million in revenue.
Other than the two new shareholders, Abdul Malek has 39% equity interest, a private company Intelligent Capital meanwhile has about 13% while another private company Alpha Meli Corporation Sdn Bhd has about 10%. Alpha Meli is owned by Abdul Malek’s brother Latiff Ali.
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