KUALA LUMPUR: Media Prima Bhd saw 55 million shares crossed off-market yesterday, representing 4.96% of the company’s total 1.11 billion shares.

The block of shares was transacted at 60 sen per share, the same price that tycoon Tan Sri Syed Mokhtar Albukhary paid a week ago for an 11.09% stake bought from Gabungan Kesturi Sdn Bhd.

According to Bloomberg data tracking trades of 300,000 shares or more, the shares were transacted in one block for a total of RM33 million. This is the second substantial block that changed hands this month.

The direct business transaction, at 60 sen a share, is a premium of 26.32% to Media Prima’s closing share price yesterday. It is not immediately known who the parties involved in the transaction were.

Utusan Online last week, citing sources, said Syed Mokhtar is in the final stages of acquiring Umno’s remaining 7.96% stake in Media Prima, held under Altima Inc, via Aurora Mulia Sdn Bhd. Should the tycoon acquire the block of shares, he will emerge as the largest shareholder of Media Prima with a 19.5% stake.

Over the past 12 months, Media Prima shares have been trading between 32.5 sen and 60 sen apiece. Year to date, Media Prima shares have climbed 38% from 34.5 sen.

To recap, last Thursday, private company Aurora Mulia, whose board members include Syed Mokhtar’s son Syed Danial Syed Mokhtar Shah, emerged as the buyer of the 11.09% stake in Media Prima from Umno’s Gabungan Kesturi, according to a Bursa Malaysia filing.

The share purchase makes the tycoon, who already owns a 14.76% stake in Utusan Melayu (Malaysia) Bhd and wholly-owns The Malaysian Reserve, the third-largest shareholder of Media Prima.

Currently, Mitsubishi UFJ is the single largest shareholder of Media Prima with 42.29 million shares or a 12.84% stake. It is not known if Mitsubishi UFJ is the ultimate shareholder or is holding the shares on behalf of a client.

The Edge Malaysia weekly, in its latest issue, reported that Syed Mokhtar is behind the 12.84% stake in Media Prima that is held by Mitsubishi UFJ, citing two sources. Other substantial shareholders of Media Prima include the Employees Provident Fund with a 11.92% stake, and London-based investment management firm Edgbaston Investment Partners LLP at 5.38%.