VGI Global Media, a SET-listed out-of-home (OOH) media provider, has acquired a 25 per cent stake in Malaysian OOH media firm Puncak Berlian Sdn Bhd (PBSB) from Redberry Sdn Bhd, a wholly-owned subsidiary of Ancom Berhad, for an initial investment of 13.15 million ringgit ($3.2 million).
The acquisition, done through its subsidiary VGI Global Media (Malaysia) Sdn Bhd, is set to be completed by February 2018, according to the Thai company’s statement.
PBSB owns a diversified OOH media network. It holds a 90 per cent stake in Redberry Outdoors Sdn BHD, 83.9 per cent in Focus Media Network, 74.9 per cent in Meru Utama Sdn Bhd, 51 per cent in Titanium Compass Sdn Bhd, 49 per cent in Redberry Media Sdn Bhd and 49 per cent in Point Cast (M).
According to a Malay Mail Online report, PBSB is currently finalizing the acquisition of a 90 per cent interest in Ten Plus Resources Sdn Bhd.
With VGI’s strategic investment, it has become the largest OOH media group in the region that controls media content in the MRT lines in Malaysia, Indonesia and Thailand.
Kavin Kanchanapas, chairman of VGI Global Media, told the media that he was confident of achieving double-digit growth in Malaysia and that non-traditional media offers an opportunity to help boost brand awareness and promote the country’s tourism sector.