BANGSAR, 18 January 2016 – Media Prima Berhad (“Media Prima” or “the Group”), Malaysia’s leading fully-integrated media investment company today announced that it’s wholly owned subsidiary, Sistem Televisyen Malaysia Berhad (“STMB”), has entered into a Joint Venture Agreement (“Agreement”) with South Korea’s CJ O Shopping Co. Ltd (CJO) to set up a company to establish and operate a home shopping business in Malaysia.
The shareholding structure of the Joint Venture Company will be STMB 51% while CJ holds 49%. The financial commitment of the JV shall be funded from internally generated funds with eventual issued and paid-up capital of RM65 million divided into ordinary shares of RM1.00 each.
Commenting on the Agreement, Encik Mohamad Ariff bin Ibrahim, Group Chief Financial Officer of Media Prima said “We are excited to partner with CJ O Shopping Co. to offer a new home shopping experience to Malaysians. This partnership will see STMB and CJO optimise the combined strength and experience of our respective fields, namely television broadcasting and content creation in Malaysia (STMB) and years of international business expertise in the home shopping business (CJO). The agreement is in line with Media Prima’s strategic plans to identify and realise new revenue opportunities for the Group”.
The launch date of the home shopping business will be announced soon.
CJO is principally engaged in the Home Shopping business. It was incorporated in Korea in 1994 and is listed on KOSDAQ (Korea Exchange).