The Hong Kong Economic Journal Co. Ltd. (HKEJ), the parent publication of ejinsight.com, is now fully owned by a trust company of Richard Li Tzar-kai, the chairman of PCCW (00008.HK), after Lam Shan-muk, known by his pen name Lam Hang-chi, and his wife sold their remaining stake to Li.
The couple’s latest disposal came after they sold shares of the newspaper and its namesake monthly magazine to Clermont Media Ltd. eight years ago, HKEJ.com reported Tuesday. Clermont Media is owned by Li, who is the second son of tycoon Li Ka-shing.
According to Apple Daily, the remaining stake is about 20 percent of the total shares.
Lam, who founded HKEJ in 1973, will keep writing his columns in the paper as usual, HKEJ said, but Apple Daily cited a source close to Lam as saying that he will not be writing columns after some time.
In 2006, Clermont Media bought half of HKEJ shares from Lam for HK$280 million (US$35 million). Lam would further sell stakes in his paper stage by stage, according to some media reports.
There were rumors about the takeover about half a year before the announcement.
Li said in 2006 that neither he nor his company would interfere in HKEJ’s editorial operation.
A senior executive from PCCW said that the takeover is merely a private investment of Li and has nothing to do with PCCW.
In 2009, Lam’s wife quit her role in HKEJ, telling her colleagues she wanted to retire.
Li planned to launch an English online media focusing on China news after he took control of the company in 2009.
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