Next Media suspended pending acquisition announcement

Next Media Ltd. (0282), controlled by Hong Kong media mogul Jimmy Lai, asked that its shares be suspended pending a statement on a "very substantial acquisition and connected transaction" about acquisitions of assets from Lai. Local newspaper reported last week that the stock exchange approved the injection into the company of several publications privately owned by main shareholder Jimmy Lai. Next Media is expected to issue 1.8 billion shares to Lai to pay for the assets. The assets to be injected into Next Media are Apple Daily, Next Magazine, Sudden Weekly and Eat & Travel Weekly.

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