updated version Five individuals led by prominent Chinese business leader, Lim Guan Teik, today offered to purchase Nanyang Press Holdings from MCA at RM5.60 per share for the 72.35 percent stake the political party's acquired last month in the media company.

Lim said the deal, which amounts to a total RM234 million, will be paid half in cash and the remaining through bank loans.

"The extra 10 sen for each share is to compensate MCA for the operating costs of Nanyang Press Holdings for the next few months before the transaction is completed," Lim told at a joint press conference in Kuala Lumpur with his four other partners.

The other four individuals are president of Hakka Association of Perak Foo Wan Thot, United Chinese School Committees Association of Malaysia chairperson Kuek Suan Hiang, Selangor Chinese Assembly Hall president Ngan Ching Wen and Hall's deputy president Tan Yew Sing.

On Friday, Lim announced that he was heading a group interested in buying Nanyang Press from MCA to prevent the Chinese dailies published by the media company - the Nanyang Siang Pau and the China Press - from falling under the control of the second largest political party in the ruling Barisan Nasional coalition.

Additional investors

MCA took over Nanyang Press late last month through its investment arm Huaren Holdings in a controversial RM230 million deal from tycoon Quek Leng Chan.

The deal sparked off strong objections from the Chinese community as well as rank-and-file party members. A boycott campaign was subsequently launched and has affected the sales of the papers.

Following the fallout, Ling on June 7 offered to sell a strategic stake in Nanyang Press within a 10-day period to those who were interested. A faction of MCA leaders are opposing the Nanyang takeover deal as they said it has breached the party's constitution.

Lim told reporters that the percentage of shares to be held by the five individuals had yet to be determined since there could be additional investors.

He said that the group of five and their various expertise and interests were well-qualified to run the Nanyang Press.

"We have experienced people in our respective companies to do that," said Lim. "As for editorial policies, we will leave it to veteran Chinese journalists," he said.

He added should the Nanyang takeover by MCA be aborted due to its claimed illegality, the group will still proceed with the acquisition and will negotiate directly with Hong Leong owner Quek.

Former detainee

Lim, a well-respected business leader in the Chinese community, is an economics graduate of the now defunct Chinese-language Nanyang University in Singapore.

He was once detained under the Preservation of Public Security Order Act in Singapore, which is similar to the Malaysia's Internal Security Act, for allegedly being involved in 'radical activities'.

One of his fellow detainees then was the former editor-in-chief of Utusan Melayu Said Zahari who has recently written his political memoirs entitled Dark Clouds at Dawn

Lim is the chairperson of the Malaysian Associated Chinese Chamber of Commerce and Industry of Malaysia. He also heads Muda Holdings, a public-listed company involved in paper manufacturing.

He is also the chairperson of Unico Holdings which is a major shareholder company in Unico Desa Plantations, another public-listed company which has extensive interests in oil palm plantations.

Lim said although MCA had yet to respond to the group's offer, he was optimistic that the party would sell its entire stake in Nanyang Press to them.


Who's who

Lim Guan Teik, 66, a graduate of the Nanyang University of Singapore with a Bachelor of Commerce degree, is the national president of the Associated Chinese Chamber of Commerce and Industry of Malaysia, as well as the president of the Selangor and Kuala Lumpur Chinese Chamber of Commerce. He is also chairman and controlling shareholder of publicly listed Muda Holdings Bhd.

Foo Wan Thot, 66, who studied in a university in Ireland, is the chairman of the Perak Chinese School Committees and chairman of the board of Shen Jai High School. He is the president of the Hakka Association of Perak, and the chairman of publicly listed APL Industries Bhd.

Ngan Ching Wen, 69, graduated with a law degree from the University of Singapore and an economics degree from Nanyang University. He manages family-owned company Ngan and Ngan Holdings, an oil palm plantation company. He is chairman and managing director of listed Unico Desa Plantation Bhd. He is also the president of the Selangor Chinese Assembly Hall, as well as president of the Sino-Malaysia Chambers of Commerce Economy.

Tan Yew Sing, 45, graduated with a Bachelor of Science (Honors) degree in Civil Engineering from the University of Leeds, United Kingdom, and holds a Master's degree in Business Administration. He is the major shareholder of publicly listed Inti Holdings Bhd. He is deputy president of the Selangor Chinese Assembly Hall.

Quek Suan Hiang, 71, a graduate of Beijing University, is the chairman of the United Chinese School Committees' Associations of Malaysia, a Chinese education group. He is the chairman of family-owned company Kee Siang Sdn Bhd.