The Star

Net Edge Online Sdn Bhd has made an offer to acquire from Berjaya Media Bhd a 50% stake in The Edge Communications Sdn Bhd for RM85mil.

Net Edge Online has proposed to transfer 170 million irredeemable convertible unsecured loan stocks (Iculs) 2005/2015 at a price of 50 sen per Iculs to pay for the 50% stake in The Edge Communications, said Berjaya Media in a statement yesterday.

The Iculs were issued to Net Edge Online in Berjaya Corp Bhd’s acquisition of a 35.7% stake in Nexnews Bhd. Nexnews changed name to Berjaya Media on April 29.

Turnover was 371.88 million shares valued at RM950mil. There were 204 gainers, 291 losers while 254 counters were unchanged.

Net Edge Online ceased to be a major shareholder of Berjaya Media on March 4. However, the proposed offer is deemed a related party transaction under the listing requirements.