This article first appeared in The Edge Financial Daily on September 24, 2019 - September 30, 2019

KUALA LUMPUR: Aurora Mulia Sdn Bhd, the company linked to tycoon Tan Sri Syed Mokhtar Al-Bukhary, has raised its stake in Media Prima Bhd to 31.22%.

This follows its acquisition of 88.29 million shares, representing a 7.9% stake, in the media group last Thursday in a direct business transaction. Media Prima notified Bursa Malaysia of the transaction in a filing yesterday.

Bloomberg data indicate that two blocks of shares, consisting of 87.84 million shares and 451,200 units, were crossed off-market last Thursday. Both transactions were done at 60 sen apiece, valuing the two blocks at RM52.98 million.

It was not known who the sellers of the two blocks of stakes were.

However, The Edge Financial Daily, quoting sources, reported last Friday that the blocks of shares were sold by Umno-linked Altima Inc.

Aurora Mulia, whose board members include Syed Mokhtar’s son Syed Danial Syed Mokhtar Shah, is the largest shareholder of Media Prima.

The latest acquisition takes Aurora Mulia closer to the 33% mark, at which point it would have to make a mandatory general offer for the remaining Media Prima shares not owned by the company.

Media Prima’s share price fell half a sen or 1.05% to 47 sen yesterday, valuing the company at RM521.32 million.