In the past months, The Edge Malaysia widely covered Tan Sri Syed Mokhtar's affiliated companies acquiring Media Prima's shares in off-market transaction. Based on the latest announcement made by Media Prima on Bursa Malaysia website, AURORA MULIA SDN BHD currently owns 16.05% stake in Media Prima. 

The Edge Malaysia also reported that rumor has it that Tan Sri Syed Mokhtar also controls another 12.87% stake in Media Prima through Mitsubishi Financial Group. 

You may click on the link below to see the Bursa Malaysia Announcements.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6124165

If the rumor turns out to be true, Tan Sri Syed Mokhtar would effectively own 28.92% stake in Media Prima. According to Bursa listing rules, a Mandatory General Offer (MGO) will be triggered as long as a new substantial shareholder emerges and controls more than 30% stake in a company. If the 12.87% stake held under the registered name of Mitsubishi Financial Group is really belong to Tan Sri Syed Mokhtar, then the substantial shareholder is closed to make a MGO; the only exception to a MGO is the substantial shareholder receives a waiver from Bursa Malaysia. 

Interestingly, on 1st July 2019, DATUK SYED HUSSIAN BIN SYED JUNID, who has been Media Prima's independent Director for quite some times, is redesignated as the Independent and Non-Executive Chairman of Media Prima. The change in Media Prima Board of Directors comes at a time when Tan Sri Syed Mokhtar's affiliated company acquired the 11% stake from UMNO-linked company. 

What is even more interesting is that Tan Sri Syed Mokhtar's affiliated company paid RM 0.60 per share, or 23% premium over the market price, to acquire the 11% stake from the seller. 

If you go to Bursa Malaysia and track all the Media Prima's shares acquired by Mitsubishi Financial Group, it dated back to as early as 2017. In other words, the hidden owner of Media Prima's shares registered under Mitsubishi Financial Group had been paying RM 0.48 - RM 1.10 for Media Prima shares since April-2017. 

So, if Tan Sri Syed Mokhtar is the "hidden owner" of the 12.87% stake, that works out to an average price of acquisition of RM 0.70 per share, or roughly 45.8% premium over Media Prima's current share price. 

Why would Tan Sri Syed Mokhtar pay such a high premium to acquire Media Prima's shares??? 

Only time will tell.