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KUALA LUMPUR : Malaysian media tycoon Tiong Hiew King is making a bid to merge his three Chinese-language publishing groups in Malaysia and Hong Kong to create one of the world's largest Chinese media conglomerates.
The merger will combine Tiong's Sin Chew Media Corp. and Nanyang Press Holdings in Malaysia with Hong Kong-listed Ming Pao Enterprise Corp via a share swap arrangment.
Tiong is the majority shareholder in Sin Chew and Ming Pao, and is in the process of buying Nanyang.
The merger will "create a global Chinese language media group which the directors believe will emerge as one of the largest Chinese language print media platforms," Sin Chew said in an announcement to Malaysia's bourse late Monday.
It said the merger will see the enlarged group operating and publishing major Chinese-language newspapers and magazines in Malaysia, Hong Kong, the United States, Canada and China.
Citing a large global Chinese population and growing readership of Chinese-langage publications, the merger "will allow the enlarged group to leverage on its strong global platform to expand into the Chinese media market in China as well as globally".
Under the deal which must be inked by April 30, Sin Chew and Nanyang will be de-listed from Malaysia's bourse and replaced with Ming Pao, which reports Tuesday said would see the first Malaysia-Hong Kong dual listing.
Sin Chew and Nanyang will become wholly-owned subsidiaries of Ming Pao.
Hailing from Malaysia's eastern Sarawak state, Tiong made his name as a timber tycoon before venturing into the media business.
Forbes in 2006 said his net worth was about one billion dollars, listing him as number 746 of 793 billionaires worldwide.
Sin Chew publishes Malaysia's largest circulated Chinese newspaper, the Sin Chew Daily, while Nanyang produces the country's oldest Chinese-language daily, Nanyang Siang Pau.
Ming Pao Group's major publications include the Ming Pao Daily News, which is published in Hong Kong, Toronto, Vancouver, New York and San Francisco. - AFP/ch
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