KUALA LUMPUR (May 14): Media Prima Bhd (KL:MEDIA) said its public shareholding spread has slipped below the threshold required and it will take steps to meet listing regulation.

The proportion of shares held by minority holders was 24.38% of total shares as at end-April, below the minimum level of 25%, Media Prima said in an exchange filing on Thursday. Based on its issued share capital of 1.11 billion shares, the shortfall translates into about 6.88 million shares.

“The company will be exploring options to restore compliance and will make the necessary announcements in due course,” Media Prima added.

The shortfall comes as Amir Nashrin Johari, son of Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani, racked up 88.33 million shares in Media Prima that publishes newspapers like New Straits Times and broadcasts TV3 among other television channels.

The father and son together own 32.96%, the largest bloc of shares in the company, followed by Aurora Mulia Sdn Bhd, the private vehicle of tycoon Tan Sri Syed Mokhtar Albukhary, which holds 31.9% of Media Prima.

Shares of Media Prima closed unchanged at 33 sen on Thursday, valuing the company at RM360.55 million. The counter lost more than 15% of its market value in the last 12 months.