KUALA LUMPUR: Umno is restructuring and reviewing its investments in an effort to generate needed funds, according to party secretary-general Tan Sri Annuar Musa.
He was referring to a report that the party has sold its 11% stake in Media Prime Bhd to DRB-Hicom Bhd, which is controlled by tycoon Tan Sri Syed Mokhtar Albukhary.
DRB-Hicom has denied the report.
“Restructuring and reviewing are important to ensure Umno’s financial feasibility moving forward,” he told reporters.
Annuar indicated that the sale was part of a plan to strengthen the party’s financial status.
Former Umno president Datuk Seri Najib Abdul Razak told reporters the party sold its stake because it no longer benefited from the ownership after its fall from power.
“It is meaningless to have a minority share because NST is no longer friendly to us (Umno),” he said, referring to the group’s flagship publication.
