MGS buys lion’s share of Myanmar Times

[DagonKhan]

MGS buys lion’s share of Myanmar Times Published on Sunday, 02 March 2014 22:26

Aung Moe Kyaw (left), the son-in-law of “Pepsi” Thein Htun seen along with other businessmen at a recent meeting with President Thein Sein on February 22 (Photo-EMG)

The Myanmar Golden Star (MGS) Company, with close ties to the government, have bought a 51 percent stake of The Myanmar Times on February 28.

MGS is owned by “Pepsi” Thein Htun who runs numerous businesses with government support, and his family members bought the stake from Dr Tin Tun Oo who previously owned it.

“They bought the whole 51 percent stake from us. It’s been long time since we talked about it. They paid cash payment in full for the stake just yesterday. I heard they also bought another half of the Myanmar Times stake owned by foreigners,” said Dr Khin Moe Moe, the wife of Dr Tin Tun Oo.

Dr Khin Moe Moe refused to disclose how much money was paid for the stake, and “Pepsi” Thein Htun was unavailable to discuss the deal.

The Myanmar Times is published bilingually in Myanmar and English as a weekly by Myanmar Consolidated Media Company, jointly owned by Dr Tin Tun Oo and Ross Dunkley.

Dr Tin Tun Oo, a local publisher of “Pyi Myanmar” weekly and other publications received the 51 percent stake in late 2005 from Sanny Swe, a co-founder of the MT, who was then imprisoned. Sanny Swe is currently the chief executive officer of the Mizzima newspaper.

“Pepsi” Thein Htun is the chairman of MGS and also the founder of Tun Foundation Bank. His son-in-law Aung Moe Kyaw, close to President Thein Sein, is the owner of IBTC Company which produces Grand Royal alcoholic drinks.

A large share of Myanmar’s beverage market is currently owned by the two companies MGS and IBTC. They are also official partners of Carlsberg, Heineken and Beer Chang and licenced to sell foreign brands in Myanmar.

“Pepsi” Thein Htun is also the chairman of a total of 13 local companies, running different types of businesses in the country.

Many business moguls are throwing money into Myanmar’s print media business. One of the first local investors was Thein Wai (aka) Serge Pun, chairman of Yoma Bank and FMI Company joining hands with Sanny Swe, made a recent investment in Mizzima.

Thein Wai previously close to General Khin Nyunt, the former military intelligence chief, also runs numerous businesses in the country.

Yoma Bank suspended almost all its banking services in 2002-03, with its remittance service allowed to continue as the only service that survived. His company is allowed again to extend business only during the Thein Sein administration.

Another newcomer is Shwe Than Lwin “Sky Net” Company which also runs several businesses in close ties with the government, and it’s reportedly a shareholder of Democracy Today, a fresh newspaper which was launched on March 1.

Ko Ko, the chief executive officer of Democracy Today said the newspaper is independently published with a bank loan of Ks 1 billion, not in any business ties with other business groups and organisations.

The multi-business moguls are not only in the local print media, but also in some “exiled” media.

http://www.elevenmyanmar.com/index.php?option=com_content&view=article&id=5250:mgs-buys-lion-s-share-of-myanmar-times&catid=44:national&Itemid=384

[DagonKhan]

One of Myanmar’s most prominent businessmen, U Thein Tun, has bought into the pioneering media company that owns The Myanmar Times.

Managing director Ross Dunkley and Dr Tin Tun Oo shake hands on February 28, watched over by new investor U Thein Tun (centre). (Boothee/The Myanmar Times)

“The Myanmar Times is one of the strongest media brands in this country,” said editor-in-chief and managing director Ross Dunkley, “and we welcome someone with the stature of U Thein Tun to our partnership.”

“I am excited to be investing in The Myanmar Times at such an important time for the company and for journalism in this country,” said U Thein Tun. “I am very fortunate to have the opportunity to partner with a market leader with its best years still ahead of it.”

Story continues here:- http://www.mmtimes.com/index.php/national-news/9750-savvy-businessman-u-thein-tun-buys-into-myanmar-times.html

Tycoon U Thein Tun buys majority share The Myanmar Times

After a prolonged internal power struggle between Australian Editor in Chief Ross Dunkley and majority shareholders Dr Tin Tun Oo and his wife Dr Khin Moe Moe, prominent business man U Thein Tun has acquired a majority stake in Myanmar Consolidated Media, the company that publishes The Myanmar Times. U Thein Tun bought the shares of Dr Tin Tun Oo and his spouse for an undisclosed sum.

The announcement comes shortly after The Myanmar Times ran a page long apology of Ross Dunkley to Dr Tin Tun Oo and his wife Dr Khin Moe Moe, for an incident at The Myanmar Times’ office, which prompted the latter to start court proceedings. The animosity left the application for a daily license dangling for almost a year.

U Thein Tun is the founder and Chairman of the Tun Foundation Bank and Chairman of the Calsberg joint venture. But he is best known outside Myanmar for launching the Pepsi franchise in Myanmar in pre-sanctions times.

In a press release Editor in Chief and Managing Director Ross Dunkley expressed happiness at the move. “We welcome someone with the stature of U Thein Tun to our partnership.” Mr Dunkley continued by saying the substantial resources and influence of U Thein Tun would come in handy when The Myanmar Times English and Burmese dailies will be launched in the near future.

Since The Myanmar Times was founded by Sonny Swe and Ross Dunkley the English and Burmese newspapers of MCM have been appearing weekly.

“We will be expanding laterally as well,” said the 77?year?old incoming Chairman of MCM U Thein Tun, “and will push forward into digital media and commercial and educational printing, as well as book publishing.”

http://www.mizzima.com/mizzima-news/media/item/10959-tycoon-u-thein-tun-buys-majority-share-the-myanmar-times

Edited March 5, 2014 by DagonKhan