A private investment arm of Syed Mokhtar Al-Bukhary is believed to be eyeing a substantial stake in The Malaysian Reserve, after its application for a publishing licence with the home ministry was unsuccessful.
According to a market source, Syed Mokhtar could be looking to acquire a substantial stake from Siew Ka Wei, who controls Ancom Bhd, which in turn owns a media company called the Redberry group.
“Syed Mokhtar is talking to buy a substantial stake in The Malaysian Reserve to grow his empire, and is believed to be in the last leg of the negotiations,” the source told The Edge Financial Daily.
Syed Mokhtar’s private investment arm is believed to be making good progress in the negotiation as he is believed to have close ties with the owner of Syed Hussain Publications Sdn Bhd, the publisher of The Malaysian Reserve.-The Edge Financial Daily.
NOTE: Reuters has not verified these stories and does not vouch for their accuracy.