This makes them the second single largest shareholder in the publisher of The Star, the nation’s largest English daily.

With the purchase, Tong now directly owns 1.84 million shares, or a 0.25% stake, in Star Media, the group said in a filing with Bursa Malaysia today.

Tong owns the remaining 37.5 million shares, or a 5.17% stake, through The Edge Communications.

The Edge Communications, which publishes the business weekly The Edge, and Tong have now become substantial shareholders in Star Media, according to theedgemarkets.com.

Star Media is listed on the main market of Bursa Malaysia. MCA holds a 45.4% equity interest in the group, making it the controlling shareholder.

In an internal memo to the staff of The Edge, Tong said the acquisition was “purely an investment” in a company whose share prices and capitalisation had been “well below the cash it has and the value of its property assets” for several years now.

The share price of Star Media has risen 57% this month, according to theedgemarkets.com.

It closed at 51 sen today, giving it a market capitalisation of RM376.67 million.