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Johari Ghani snaps up more of MyNews

PETALING JAYA: Titiwangsa MP and Umno vice-president Johari Ghani has increased his stake in MyNews Holdings Bhd to 13.85% via his investment vehicle JAG Capital Holdings Sdn Bhd.

In a filing with Bursa Malaysia today, MyNews announced that JAG Capital acquired 240,000 MyNews shares in the open market on Oct 23, followed by another 28.5 million shares the following day via an off-market deal.

This brings his holding to 103.94 million shares. Johari, who served as second finance minister between 2016 and 2018, had emerged as a substantial shareholder in MyNews several months ago.

Johari’s other business interests include a 32.96% stake in KUB Malaysia Bhd and CI Holdings Bhd through JAG Capital. He is also a major shareholder of Media Prima Bhd, also via JAG Capital, and previously held stakes in KFC Holdings (M) Bhd and QSR Brands Bhd.

MyNews operates 615 convenience store outlets of which more than half are in the Klang Valley. It has continued to underperform post-pandemic amid a competitive operating environment and challenges in growing CU, its South Korean convenience store chain.

MyNews’s shares ended half a sen or 0.98% higher at 51.5 sen today, valuing the group at RM386 million. The counter has fallen 18.25% year to date.

Last month, MyNews saw a revamp of its boardroom with the resignation of its executive chairman Ding Lien Bing, effective Sept 30, and the appointment of group CEO Dang Tai Luk to replace Ding.

Dang and his two brothers Tai Wen and Tai Hock are shareholders of D&D Consolidated Sdn Bhd, the biggest shareholder of MyNews with a direct 52.53% stake or 394.22 million shares.

Source : FMT

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