KUALA LUMPUR (Aug 12): Media Chinese International Ltd (MCIL), controlled by Sarawak timber and media tycoon Tan Sri Tiong Hiew King, may consider rewarding its shareholders with a special dividend from the disposal of One Media Group Ltd for HK$498 million.

“If there is money, of course we can (consider), just wait for further details that will be out soon,” MCIL executive director and CEO Francis Tiong Kiew Chiong told reporters, after the group’s annual general meeting here today.

“We have to fulfill the condition precedent, a circular to shareholders have to be issued, and we have to convene an EGM (extraordinary general meeting). After we go through all the processes, then only the money will come in and we can talk about special dividend after that,” executive director Patrick Leong Chew Meng elaborates.

MCIL is estimated to see a net gain of HK$363 million from the sale of its 73% stake in One Media to Chinese state-owned company, Qingdao West Coast Holdings International Ltd. The Hong Kong-listed One Media is a media subsidiary of MCIL, focusing on the Greater China region.

It is worth noting that MCIL will buy back all of One Media’s businesses, except the Ming Pao Weekly magazine in Hong Kong and its relevant digital business, at a later date. The price tag for the buyback has yet to be disclosed.

Kiew Chiong explains that the buyback is needed, because Qingdao West Coast as a Chinese state-owned enterprise, is not allowed to own Taiwanese publication.

Besides Ming Pao Weekly, One Media also publishes Ming Watch magazine in Hong Kong and China, as well as the TopGear magazine in Hong Kong and Taiwan.

Closer to home, MCIL controls the country’s top four Chinese language newspapers, namely Sin Chew Daily, Nanyang Siang Pau, China Press and Guang Ming Daily.

Today, MCIL’s flagship product, Sin Chew Daily, has 1.4 million readers — its highest ever. Combined with the other publication in the group, MCIL reaches about 2.7 million readers today.