Media Chinese International Ltd (-ve)
SHARES in Media Chinese International Ltd (MCIL) (fundamental: 2.1/3, valuation: 1.8/3) fell one sen or 1.3% to close at 75 sen yesterday, with a volume of 753,800 shares, far exceeding its 200-day average volume of 292,923 shares.
MCIL is a leading Chinese-language media group with a product portfolio in Southeast Asia, Greater China and North America comprising daily newspapers.
On Monday, the group announced that it is selling its entire 73.01% stake in One Media Group Ltd, which is listed on the Hong Kong Stock Exchange, to a China state-owned enterprise for HK$498.06 million (RM259.55 million) cash. MCIL estimates the disposal to bring it a gain of about HK$363.3 million, after deducting the net carrying value of the sale shares as at March 31, 2016, after taking into consideration the estimated expenses and relevant accounting adjustments.
At the current share price, MCIL is trading at 1.5 times its book value.
MEDIAC (5090) - Stock With Momentum: Media Chinese International