PETALING JAYA: The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have emerged as substantial shareholders of Star Media Group Bhd (SMG).

According to filings with Bursa Malaysia, Tong has a direct stake of 0.254%, or 1.84 million shares. He has another 37.5 million shares, or 5.17% stake indirect interest through The Edge Communications.

According to The Edge, Tong, in an internal memo said the acquisition is purely an investment.

“This is an investment in a company whose share price and capitalisation have for several years been well below the cash it has, and the value of its property assets. It has no debt and is clearly under value,” he was quoted as saying.

For the financial year ended Dec 31, 2022, SMG posted a net profit of RM6.92mil, or 0.95 sen earnings per share on revenue of RM217mil.

The group has proposed a first and final single-tier dividend of 1.0 sen per ordinary share in respect of the financial year ended Dec 31, subject to the shareholders’ approval at the forthcoming 51st annual general meeting.

The payment date will be on June 6, while the ex-date falls on May 23, followed by its entitlement date of May 24.