When everyone is talking about 528 Debacle, change to tabloid version of its evening edition and slashing of newsstand price by half to 60 sen a copy. It is not sure Nanyang still want to proceed with it plan to dispose off Life Publishers Bhd ?
Two years ago. Nanyang intend to dispose off Life Publishers Bhd, which publish a tabloid New Life Post and more than a dozen of other magazine listed on it website. This is to enable Nanyang to concentrate on it core business of Nanyang and China Press, which competing fiercely with Sin Chew group to protect it market shares. At that point of time. Astro also launch a new chinese magazine (V-Mag)competing with magazine publish by Life Publishers Bhd. Other new entrant including company own by directors of M-Mode Bhd.
As Huaren Holdings do not want the company to fall into hand of competitors like Sin Chew Daily nor opposition. Thus, it make an offer to veteran MCA which publish a tabloid Mun Sang Poh base in Ipoh. The asking price is RM2million.
RM2million comprised the brand, license and staff only. Excluding any building or printing plant. As Mun Sang Poh has it own printing plant.
Mun Sang Poh however counter offer a non-negotiable price of RM1million only. Thus, the deal cannot go thought.
It is not clear why Nanyang did not make such offer to The Star. The Star also published one chinese magazine call Shanghai. The division is insignificant to The Star. This might be cause by Company Act prohibited any related party transaction within 3 years after it acquired a company.
As this is the 4th anniversary of Huaren takover. Nanyang can sell that division to The Star without any legal restriction.
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