Umno relinquishes control of Utusan, shares go to ex-Umno MP
Umno has relinquished direct control of Utusan Malaysia after selling a large stake in the media company to a former Umno MP.
The vernacular daily today reported that Umno had let go 31.6 percent of its stake in Utusan and held on to just 18.17 percent
The shares were sold to Opulence Asia Sdn Bhd which is owned by the Malay daily's chief executive, Abdul Aziz Sheik Fadzir.
Abdul Aziz is also Umno's former MP for Kulim-Bandar Baru.
In recent years, Utusan suffered from a declining circulation and had to depend heavily on advertisements from GLCs for revenue.
That lifeline, too, came to an end after BN and Umno were defeated in the May 9 general election last year.
Editor's Note: A previous copy of this article cited Abdul Aziz as the current Kulim-Bandar Baru MP.