Tuesday January 30, 2007
Dual listing for Sin Chew
By C.S. TAN
PETALING JAYA: Sin Chew Media Corp Bhd will soon be transformed into a global media company, and will be the first company to have a dual primary listing in both Malaysia and Hong Kong.
This will become a reality after Sin Chew merges with Hong Kong-listed Ming Pao Enterprise Corp Ltd, a global company in the Chinese print media.
The merger proposal was announced to Bursa Malaysia yesterday. Nanyang Press Holdings Bhd was also invited to participate in this merger.
The proposal calls for Sin Chew and Nanyang shareholders to exchange their shares for shares in Ming Pao, which will take over Sin Chew’s listing status on Bursa Malaysia. Under this plan, both Sin Chew and Nanyang will be de-listed from Bursa.
“A dual listing is a better way for a cross-border merger of companies,” said a fund manager.
Although Sin Chew and Nanyang would be de-listed, their shareholders would own shares in Ming Pao, which would have a listing on Bursa, besides Hong Kong, he added.
This is better than a single listing situation where the merged company would be listed in only one country while the other country loses a listed media company, he added.
It is understood that dual listings are not uncommon in this region although it would be the first Malaysia-Hong Kong dual listing.
Sin Chew and Ming Pao are controlled by Tan Sri Tiong Hiew King, a Sarawak-based businessman, while Nanyang’s major shareholder is Huaren Management Sdn Bhd.
Ming Pao is the holding company of the Ming Pao Daily News and Ming Pao Weekly in Hong Kong, Toronto, Vancouver, New York and San Francisco.
Sin Chew is the owner of Sin Chew Daily and Guang Ming Daily while Nanyang publishes Nanyang Siang Pau, China Press and 15 periodicals in Malaysia.
Under the merger proposal, shareholders of Sin Chew would exchange their shares valued at RM4 each for new Ming Pao shares valued at HK$2.70 each.
Shareholders of Nanyang would exchange their shares valued at RM4.20 for new Ming Pao shares that would also be valued at HK$2.70 each.
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