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Denise Tsang

The controlling shareholder of Oriental Press Group has offered to take the publisher private in a cash offer valuing the company at HK$2.27 billion.
In a surprise move, the Ma family - the controlling shareholder - is offering  95 HK cents a share to buy the 38.55 per cent of the company it does not already own. 
The company publishes the Chinese-language newspapers Oriental Daily News and the Sun.
The deal will cost the offeror HK$878.1 million, according to a statement to the  Hong Kong Exchanges and Clearing last night.
On completion, the privatisation will bring an end to the company's 22-year listing on the stock exchange.
It is the latest of a string of privatisation bids major shareholders have launched recently, which included those for telecommunications firm PCCW, apparel retailer Crocodile Garments and insurance group  Ming An (Holdings).
Oriental Press said the planned privatisation arose largely from the gloomy prospect  for Hong Kong's publishing and advertising sectors, which have been hit hard by the global financial crisis. The group saw limited room for expansion given the punishing competition, which forced it to diversify online.   
The company's attributable profit dropped 21.94 per cent to HK$379.97 million in the fiscal year to March on revenue  that fell 10.79 per cent to HK$1.63 billion.  
Despite the planned privatisation, the offeror said it had no intention to bring significant changes to the existing operations, management or employees.
The publisher said the offeror - Ma's Holdings, a family trust owned by chairman Ma Ching-fat and his family - owns 61.45 per cent of the group.
At 95 HK cents a share, the offer price represents a 15.85 per cent premium to the last traded price of 82 HK cents on May 22 or  an 18.1 per cent discount to the consolidated net asset value per share of HK$1.16 as of March 31.



Ma family makes HK$878.1m cash bid to take Oriental Press private