By Chan Quan Min
Siew Ka Wai, managing director and owner of the Redberry media group, today refuted rumours of a takeover of the group’s sole financial publication, The Malaysian Reserve by elusive corporate figure, Syed Mokhtar Al-Bukhary.
Syed Hussain Publications (SHP) is the publisher for The Malaysian Reserve while marketing and subscription activity is under the direct control of the Redberry group. Effective control of the Malaysian Reserve rests with the CEO, Syed Mohamed Fazilla Syed Hussain, who has family ties to SHP.
“Plenty of people have approached us for a stake or our assets but no, I have not heard from (Syed Mokhtar),” remarked Siew when contacted by KiniBiz this afternoon.
Siew further claimed he has spoken to Syed Fazilla, who confirmed there was no interest from Syed Mokhtar.
According to a news report by The Edge Financial Daily today, Syed Mokhtar is allegedly eyeing a substantial stake in The Malaysian Reserve after his application for a publishing licence failed to get home ministry approval.
Syed Mokhtar Al-Bukhary
The media industry has been abuzz with talk that Syed Mokhtar is keen to set up and finance a national newspaper, most likely a financial daily.
As is common to business deals involving the media shy tycoon, Syed Mokhtar is reportedly in negotiations with The Malaysia Reserve, but at a safe enough distance, through a private investment arm controlled by the businessman himself.
The Edge Financial Daily said Syed Mokthar is making good progress in the negotiations and further added that Syed Mokhtar is relying on his close ties with the owner of SHP to further the deal.
The Edge report quoted an unnamed market source having said Syed Mokhtar, who controls vital national assets in the logistics, transportation infrastructure, automotive, plantations and property sectors is looking to acquire Siew’s stake in the Malaysian Reserve.
Aside from The Malaysian Reserve, the Redberry group of companies consists of the English language daily The Malay Mail.
Redberry Sdn Bhd is a fully owned subsidiary of Ancom Logistics, a Bursa-listed company with Siew as a controlling shareholder.
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