KUALA LUMPUR (Feb 21): Journalist-turn- businessman Tan Sri Clement Hii has acquired 12.6 million shares in Golsta Synergy Bhd via a direct share sale agreement with three sellers.

The amount of shares is equivalent to 27.27% stake in Golsta.

Golsta is an investment holding company which engages in designing, fabrication and installation of industrial machines.

It also has operations in the cultivation and marketing of oil palm seeds and seedlings.

According to Golsta’s filings to the stock exchange today, Hii has acquired the Golsta shares through a share sale agreement with three directors: Teng Swee Eng, Dai Kuang Yen and Liow Teck Eng.

But the value of the purchase was not stated.

According to Bursa Malaysia filing, Golsta is currently a loss-making company, reporting a net loss of RM1.61 million in its third quarter ended 30 September 2013. It had a net asset value of RM1.161 per share.

The company’s shares were last traded flat at RM2.00, but it has been steadily rising for the past 3 months from RM1.64.

Hii, who has bought Golsta through his private company GS Capital Sdn Bhd, has personal investments in education , properties, media, technology, manufacturing and food/beverage.

But he is more well-known for his control in education group SEG International Bhd.

He also holds a major stake in SYF Resources Bhd, which is Malaysia’s largest rubber wood furniture manufacturer.

The 57-year old Sarawakian, who has recently ventured into the media sector after launching Focus Malaysia and The Heat weekly magazines, was in the news recently when The Heat was suspended by the Home Ministry.

But after public protests held by journalists, lawyers and non-government organisations, the suspension of The Heat was lifted.

Hii had been the chief editor of The Borneo Post and the executive deputy chairman of Star Publications (M) Bhd before he ventured into his own media business.