Report: NSTP quitting historic ‘Balai Berita’ as part of Media Prima cost-cuts
Tuesday, 14 Jul 2020 09:46 AM MYTKUALA LUMPUR, July 14 — Media Prima Berhad may prematurely end the long-term lease for the Bangsar headquarters of its New Straits Times Press Bhd unit in favour of a Shah Alam location, according to sources.The NSTP headquarters — known as— is currently from Permodalan Nasional Berhad , a substantial shareholder of Media Prima with a 6.1 per cent equity interest held via Amanah Saham Nasional.
and the Shah Alam printing plant belong to PNB’s property development arm, PNB Development Sdn Bhd, which bought both along with a vacant land in Shah Alam for RM280 million from Media Prima in November 2018. Media Prima previously announced it was proceeding with the next phase of its business transformation due to disruptive changes in the media sector and challenging macroeconomic conditions, which were exacerbated by unknown variables surrounding the Covid-19 pandemic.
It issued retrenchment notices to approximately 300 employees, whose last day of employment will be on July 31.
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