The Edge Communications Sdn Bhd and chairman of The Edge Media Group, Tan Sri Tong Kooi Ong, surfacing as new substantial shareholders of Star Media with a 5.43% stake. The next day (April 26), Star Media shares surged as high as 64 sen before closing at 61.5 sen to give it a market capitalisation of RM445.7 million, reflecting a 20.5% gain for the day and a 105% gain year to date.

In an internal memo to staff, Tong said the acquisition is purely “an investment in a company whose share price and capitalisation have for several years been well below the cash it has, and the value of its property assets. It has no debt and is clearly undervalued”.