MPB divests Philippines investment for US$16 million
Petaling Jaya – Media Prima Berhad (MPB) is set to recover its investment in the Philippines following the proposed divestment of its entire 70 per cent equity stake in its subsidiary, MPB Primedia Inc to Mediaquest Holdings Inc. for US$16 million. In March 2008,MPB invested in Primedia, a company that had entered into a block airtime and consultancy agreement with ABC5, a national free to air television network in the Philippines as an initial seed for its proposed Media Fund. The Fund was intended to enable MPB to part invest in and manage various regional media assets that have long term value whilst at the same time minimizing the impact of the expected gestation losses from these assets on MPB’s earnings and balance sheet. However, given the global financial crisis which led to the extreme difficulty in raising private equity funds to invest together with MPB in the Fund, the Board of MPB has decided not to proceed with the establishment of the Fund.
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