This investment adds to its existing Chinese media portfolio, including StarRFM Sdn Bhd that caters to the Chinese market via the radio station 988fm, as well as monthly Chinese business magazine Shang Hai.
Red Tomato is a 24-page weekly Chinese newspaper in the Klang Valley and Penang, featuring news in economics and lifestyle. It publishes every Friday.
In a filing to local bourse Bursa Malaysia, Star Publications said that print is still one of the preferred media for advertisers in Malaysia with 41 per cent share of adex, after TV which has 50 per cent share, and the investment provides an immediate opportunity to enter into the Chinese print market.
“This is very timely as two major events will be held in 2012, namely UEFA European Cup 2012 and the London Olympics 2012. The two events are expected to provide a healthy boost to Adex growth,” it added.
Star Publications noted that the investment would add synergy to its existing stable of media assets and diverse multi-media offerings can be leveraged upon and new markets identified, and that it would strengthen the group's potential to improve its revenue streams and profit prospects.
The 83.61 per cent stake translates into 2.48 million shares of RM1 each. The total purchase cash consideration is RM1.49 million.
Earlier in July, it made its foray into the television broadcast space through the acquisition of a 51 per cent stake in LI TV Holdings Ltd. Its online job portal, MyStarJob.com, also released its mobile platform in the same month.
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