This article first appeared in The Edge Financial Daily on June 13, 2018 - June 19, 2018

KUALA LUMPUR: Datuk Mohd Nasir Ahmad has officially been appointed independent non-executive chairman of Media Prima Bhd, less than a month after being made the group’s interim chairman.

The redesignation, which will see Mohd Nasir relinquish his post as independent non-executive director, took effect yesterday, Media Prima said in a stock exchange filing.

Mohd Nasir was appointed on May 21 as the acting interim chairman of Media Prima following the departure of Tan Sri Ismee Ismail, who wanted to “focus on other commitments”.

Mohd Nasir also sits on the boards of CIMB Group Holdings Bhd, CIMB Bank Bhd, Mimos Bhd, Sirim Bhd and Prokhas Sdn Bhd, according to Media Prima’s filing.

Separately, the media group said Mohd Rashid Mohd Yusof would be replacing Mohd Nasir as independent non-executive director.

Mohd Rashid, 62, is also a board member of Scicom (MSC) Bhd, Velesto Energy Bhd (formerly known as UMW Oil and Gas Corp Bhd) as well as Standard Chartered Bank Malaysia Bhd.

He previously held various positions in Petroliam Nasional Bhd, namely as head of group accounting, head of treasury and head of group internal audit.

In another filing, Media Prima has proposed to acquire a 52% equity interest in Malay-language digital news producer Vocket Media Sdn Bhd for RM2.6 million.

Its wholly-owned unit Rev Asia Holdings Sdn Bhd entered into a conditional share sale and purchase agreement with Jaffa Sany Mohd Ariffin yesterday for 520,000 ordinary shares in Vocket, Media Prima said.

“The proposed acquisition is in line with the transformation plan of Media Prima to expand our digital business given that Vocket owns a fast-growing social-millennial Malay digital news site in Malaysia,” it said.

Media Prima added that the acquisition is expected to provide the group with the opportunity to solidify its digital presence and facilitate its continued growth.

Shares in the media conglomerate closed up 5.5 sen or 11.58% at a three-month high of 53 sen yesterday, leaving the group with a market capitalisation of RM587.88 million.