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Malaysian tycoon launches Chinese-language media powerhouse
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20:45, April 30, 2008

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Malaysian tycoon Tiong Hiew King beat the gong at the Malaysia Stock Exchange in Kuala Lumpur on Wednesday, announcing that his Chinese-language media powerhouse, the Media Chinese International Limited (MCI), is formally formed.

Tiong's long-awaited new entity came into being from the merger of his Ming Pao Enterprise Corporation Limited in Hong Kong, China, and his Sin Chew Media Corporation Berhad and Nanyang Press Holdings Berhad in Malaysia.

The birth of MCI will open the door to numerous growth opportunities in media-related businesses by targeting Chinese-speaking communities around the world, Tiong said at a ceremony to unveil MCI's dual listing on the main boards of the Hong Kong Stock Exchange and the Malaysia Stock Exchange.

The completion of this merger would provide a vital link and serve fast-growing international Chinese literate clients, said the MCI chairman.

The merger will also allow for greater corporate synergy and operational innovation when the MCI continues to provide traditional printing and publishing services while exploring opportunities to enhance its growing Internet and electronic-commerce markets, he said.

The Sin Chew Media and Nanyang Press Holdings were two leading Chinese-language media entities in Malaysia.

Sin Chew Media operated Sin Chew Daily and Guang Ming Daily, which were the largest Chinese-language newspaper and the third largest one respectively in circulation volume in Malaysia.

While, Nanyang Press Holdings, established in 1923, produced Nanyang Siang Pau and China Press which were the fourth and the second largest Chinese-language newspaper respectively in Malaysia.

MCI's senior advisor CC liew said that, despite the merger, the component newspapers under the new entity will operate independently in their editorial work and keep their own respective features.

However, he said, the merger will optimize the usage of the resources of these component newspapers to strengthen the entity's edge as a group.

Source:Xinhua



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