Utusan Melayu (Malaysia) Bhd (Utusan) has disposed of its entire 20% stake in Maqamad Sdn Bhd to MHA59 Sdn Bhd for RM48 million to improve its operating cash flow and strengthen its financial position.

In a filing with Bursa Malaysia today, the loss-making publishing company said its unit Utusan Land Sdn Bhd had entered into a share sale agreement with MHA59 for the proposed disposal last Thursday (December 17).

The deal involves the disposal of Utusan Land's entire 20% equity interest or 100,000 shares in Maqamad to MHA59.

Utusan said the original cost of investment in Maqamad was RM100,000 incurred in April 2015.

Maqamad is principally involved in property development and general trading, and is seeking to increase its land bank for future business expansion, said Utusan.

MHA59 is a Subang-based private company, principally involved in the leasing of intellectual property and similar products (except copyrighted works), business management consultancy services and the development of building projects for its own operation.

"The proceeds are expected to be utilised for Utusan group's day-to-day operation to support the existing business operations, which include payment of trade and other payables within 12 months," Utusan said.

Utusan said the disposal is expected to result in an improvement to its earnings by approximately RM48 million for the financial year ending December 31, 2015, and contribute to its earnings per share.

The publishing company, which is 49.77%-owned by Umno and publishes the Utusan Malaysia and Kosmo! newspapers, has been loss making since 2012.

It saw net loss rise to RM8.29 million or 7.49 sen loss per share for the third quarter ended September 30, 2015, from RM5.72 million or 5.16 sen loss per share a year ago, due to lower contribution from its publication, distribution and advertisement segment.

Revenue for Q3 fell 18.4% to RM61.06 million, from RM74.82 million in Q314.

For the cumulative nine-month period, the group's net loss increased 21.4% to RM44.39 million or 40.09 sen loss per share, from RM36.57 million or 33.03 sen loss per share in 3QFY14; revenue for 3QFY15 dropped 15.7% to RM180.93 million, from RM214.69 million a year ago.

Shares in Utusan closed unchanged at 57 sen today, for a market capitalisation of RM63.12 million. – The Edge Markets, December 21, 2015.

Strange. Since it own by umno, why umno don't pump money in?

Baca metro lagi best

what are the point of selling to just show one time off the financial result look good at the year end.

If the management not smart enough to use the money for investment, sure in another 2-3 year money also habis & back to loss again.

not for UMNO to pump in the money, is for them to cash out the money

How can you take money from bijan pocket?

who will pump money into a sinkhole?

end up UMNO may use Khazanah to bail it out.
win win for them......

lol

2.6b. 1% already enough for the utushit.

I like kosmo..but metro better

It is umno co.,

If they don't do something, who will do?

Why bijan don't donate 1%?

maruah melayu > sinkhole

so UMNGOK no protek after so much of jilat? kesian..

They will since UMNO uses Utusan for its media even though UMNO also has big share in NST group (BH included) also. Recently the top guy has been replaced by UMNO guy close to bijan also. THe news to be published is 100% controlled by UMNO that nothing Chief editor can do

This is just part of restructure business. Probably cash for VSS. Johor plant was shut down but at the moment the workers still has their salary paid as far as I know

Habis di songlapkan 1MDB bang.

mana tak making losses
asyik kena saman je
bodo

Umno nowadays more keyboard warriors coz everyone fesbuk, seldom read papers

Sooner the newspaper is not a business anymore. It wil be like another umno dept. it no more can generate income but just a partie newspaper.

Pity the share holder.

It already long been this way.

Blame the new generation and the lie content of the paper.

Cost of investment RM100k, sell for RM48million?
In just 8 months?
What investment is that? I also want to buy.

see? umno mana tau business wan. all loss. perwaja loss. mas loss. 1mdb loss. next is malaysia loss. vavi betul.

EPF to rescue incomin

The newspaper business is all about advertising. Without advertising, the price of newspaper cannot even cover the printing cost. Nowadays, Internet has garnered the advertisement businesses. Well, newspaper can shift to online news also but unfortunately people like to believe gossips on whatsapp and fb

aku suka bab "haruan makan anak" " Dirogol bergilir gilir"

Itu bukan kosmo lagi banyak meh?

setelah Uber dan Grabcar dominant market now time UTUSAN become $hit

kosmo berita agak serius. orang meninggal. accident. kena tembak. etc etc. tapi metroll didi tegang beb

metroll = ubat kuat

...100k to 48mil

and is seeking for more land bank...

so senanag...

shelling in progress.
invisible bail out.

RM 100,000 => RM 48,000,000 in 8 months.

Even it go online, it still depend on content.

1 of the main problem with such newspaper, they don't change much to suit the young generation. So like old people, slowly die down.

Kesian.
Duit habis bayar saman je

will u use your own money when got free flow money from other source?


this apply to umno minions only.
For umno leader, money > maruah

this is how money spinning....

utusan baca = tension because everyday racing news
metroll baca = relax because get fap

Kenot make it too obvious mah..must go thru proper channel

mau bayar utang saman ..

UMNO's mouthpiece, never going to lingkup. Even near bankruptcy, UMNO will pump money to keep it alive for the sake of maruah and Ketuanan.

Yup .. Like thia, better do this business only

Why they don't pump money in?

2.6b enough for the utushit staff makan gaji buta sampai mati.

duit kurang, guna wang rakyat. malaysia songlap boleh!

i think is they loan from bank liao

like housing loan like that

technically you only put in, say 50k deposit, then installment several months 50k = total 100k invested

then you sell it

even though the building was sold for 48 million, you don't actually pocket the whole thing, just the difference between loan and sales price

They are high risk business.

saman few hundred thousand only..
from financial perspective its trend what makes utusan loss. all publication company no longer sustainable since paper & ink all imported

Same reason why companies lay off employees to make the year end financial result look better. Except in this case utushit will find it difficult to fire people because... maruah kena jaga.

Ada billion billion katanya bukan duit saya katanya cuma masuk akaun saya katanya

Ha, pakai la nak bail out lidah rasmi - the epitome of balanced fair and free journalism of the modern world - UTUSAN MELOYA NAK MUNTAH KEK

Lel

metro by media prima

same shiat

just u guys dunno

must .... protek ..... must protek

Proper word should be "strengthen its racist and hate instigating position "

Well they can always ad for Ku Puteh or Shahiraaaaa

This post has been edited by drowning: Dec 22 2015, 11:05 AM

Aiyah, that money also ppl donate 1 ma.

What is wrong to safe own company?

2.6B ?

Awak mati sampai habuk pun dia orang masih hidup. 😄

later said cina tak baca utusan.

blame again.

Again fk up umno

buy 100k,sell 48m
wow... this guy managing utusan must be genius

Dipersilakan yb ahmad maslan utk membuat prediction tentang masa depan utusan.

You need to understand UMNO's culture, it is dog eats dog in the party. Each will try hard to succeed (gain power and wealth) but when they see others go down, it is just a good riddance.

the news popping out does not make any dent....thats why no moolah

Nope, the disposal contribute fully to the earnings.
Confirm something fishy behind.

seperti orang tua cakap, tak ada orang akan katakan najis sendiri busuk / ketut busuk

betapa busuk atau salah, kita adalah sekeluaga. Tak boleh kasih orang luar tau ---- > maruah akan pergi mana
(this sentence we always see from the chinese movie regard zaman dulu)

100k = 48mil in 8 months.
Where do I sign up?

got to be crony

maruah telah dicabarkan , kena protek