SOUTH China Morning Post Holdings chairman Robert Kuok Hock Nien has reaffirmed his commitment to maintaining an unchanged editorial policy at this newspaper, under his new ownership. The Malaysian business tycoon took a strategic 34.9 per cent stake in a US$349 million (HK$2.69 billion) deal on October 4. The shares were sold by Rupert Murdoch's News Corporation, which said at the time it would retain a 15.1 per cent stake in the publishing group. Speaking at the Post's annual meeting held in the Mandarin Oriental yesterday Mr Kuok said: ''The fundamentals of the Post's new editorial policy will remain unchanged. In other words there's no new editorial policy.'' The editorial policy would remain that: ''We shall be factual, we shall be fair and objective, We shall strive for excellence in the quality of our product, and above all, we shall be a Hong Kong newspaper dedicated to Hong Kong's best interests.'' Things change all the time, he said, and the newspaper would strive to keep pace with the territory's super-dynamic community. As far as competition was concerned, Mr Kuok said: ''I have always held the view that for capitalism to succeed there must be competition. ''We welcome competition, Hong Kong thrives on it and newspapers are no exception to this rule.'' For the first time recently appointed directors Roberto Ongpin, the deputy chairman, Kuok Khoon Ean and Paul Bush were introduced at the meeting. The resignation of Mr Murdoch from the board was formally announced along with that of Gene Swinstead who remains general manager of the company. ''The continuity of management is important and I am pleased to say that Mr Lyn Holloway remains chief executive ably supported by fellow executives and staff,'' Mr Kuok said. He also told shareholders of his reasons for buying the newspaper saying: ''I bought into the SCMP because I consider it a good business investment. ''I am also extremely confident in the future of Hong Kong and the economic potential of the whole of China. ''Furthermore, the entire East Asia region offers very exciting prospects.'' During questioning, after the formal proceedings, Mr Kuok spoke about the financing of his SCMP stake acquisition. This involved loan arrangements. ''The borrowing is a bridging finance, meaning it's a temporary borrowing. ''Many banks have given support for my acquisition [of the Post ], the Bank of China too, but it was not a special support,'' Mr Kuok said. Mr Kuok said he had no plans at present to alter the structure of his stake, in terms of taking more of the company. ''I personally have no intention to buy further the remaining stocks.'' Mr Kuok said he did not know whether any associate or interest linked to him would buy further shares from News Corp. In a recent report, Mr Murdoch said he intended to sell his remaining 15.1 per cent share in the SCMP which he acquired in 1986.