PRESS RELEASE BY MCA CENTRAL COMMITTEE
8 November 2010
The Central Committee meeting today reaffirms the power and authority of the trustees of MCA to acquire for and on behalf of MCA 313,315,760 ordinary shares of RM1 each in Star Publications (Malaysia) Berhad (the Star Shares”) from Huaren Holdings Sdn Bhd for a consideration of RM1,281,461,458 at RM4.09 per share based on the prevailing market value.
The Central Committee also reaffirms MCA’s beneficial interests in Star as aforesaid remain unchanged both before and after the transfer. The transfer is effected for the purpose of reorganizing MCA’s investments, whereby Huaren Holdings Sdn Bhd will divest its passive investment in Star and increase focus on its investments in unquoted shares and other assets, in order to achieve greater management efficiency and provide maximum return to the stakeholders. MCA’s investments in Star will continue to be passive and long-term in nature.
MCA reaffirms its long held commitment of non-interference in the business and affairs of Star which will continue to be managed and run by independent and competent professionals.