WHILE rumours that MCA is organising a fire-sale of their assets, economist Tan Sri Dr Ramon Navaratnam said any act by the party in selling its assets suddenly would be detrimental to Barisan Nasional.
“No responsible party leadership should undertake a decision of this magnitude without consulting its members through an extraordinary general meeting (AGM),” he said yesterday.
Navaratnam, who did not confirm the speculations, said the move would be unfair to the remaining Chinese community that still supported the party.
This comes after the party’s major asset, Star Publications (M) Bhd denied talk that there are plans for a management buyout from the party.
In a statement to the media, Star Publications chairman Tan Sri Dr Fong Chan Onn said the management did not initiate such a plan.
“I have received calls from the media enquiring whether there are plans for a management buyout. I regard such talk as malicious and speculative in nature. It also appears to be politically-motivated as it comes at a time when the MCA is undergoing a difficult period.”
Fong said such rumours are not helpful and serve no purpose.
It is learnt that MCA owns assets estimated to be worth over RM2 billion with The Star being its biggest.
MCA is the majority shareholder with a 42.4 per cent stake.
Among their other wellknown assets are Wisma MCA — located at the heart of the Kuala Lumpur city centre — as well as their educational arm Universiti Tunku Abdul Rahman with campuses located here as well as in Bandar Sungai Long, Kajang, Kuala Lumpur and Perak.
MCA’s investment arm — Huaren Holdings Sdn Bhd — as of 2005 owned 42 per cent stake in Nanyang Press Holding Bhd which produces two Chinese dailies, Nanyang Siang Pau and China Press.
