AllGrow Capital Buys Control of ABN Media Group
KUALA LUMPUR – The ABN Media Group today announced that Allgrow Capital (M) Sdn Bhd has acquired a controlling equity interest in the Malaysia’s up and coming media group.
Allgrow Capital is privately-owned by the family of local businessman, Datuk K. K. Eswaran.
The acquisition will mark the entry of Datuk K. K. Eswaran into the local media industry as The ABN Media Group is a diversified holding company that owns and operates amongst others, Malaysia’s first digital cable TV (CATV) network. ABN Media Group’s digital CATV services are provided by Asian Broadcasting Network (M) Sdn Bhd that has already established its operations in its broadcast centre in Puchong Gateway, and scheduled to undertake trial runs.
The ABN Media Group plans to create an integrated media group with a diversified portfolio of investments in various media platforms. These platforms will be a combination of traditional and new media. With this acquisition, The ABN Media Group will now be able to leverage on the strengths and opportunities within each platform to create a holistic media offering to businesses and consumers, and meet its vision in building world-wise Asian communities by empowering each individual with better access to education, information and entertainment.
The ABN Media Group’s newly appointed Executive Chairman, Datuk K.K. Eswaran expressed his delight on the acquisition, “We have always sought to empower the rakyat, the industry and the nation through the integration of innovative and future-ready technology products and services. The acquiring of The ABN Media Group drives this vision further.”
Asian Broadcasting Network Chairman, Admiral Tan Sri Mohd Anwar Mohd Nor (Retd) echoed Datuk K.K. Eswaran's comment, "We welcome Datuk's involvement in ABN. It further strengthens the expansion of the ABNxcess service which is being rolled out in selected areas within the Klang Valley and other parts of the country. Datuk is known in the business circle to be passionate in the economic transformation initiatives for the country and will certainly add value to ABN's vision and mission."
With the completion of the takeover, it is expected that The ABN Media Group will push for the first phase roll-out of the ABNxcess service, which will cover the Klang Valley, Penang and Johor with 1.2 million houses expected to be “passed” by mid-2013. It has targeted 17 prime locations in the next 24 months throughout Malaysia to deliver its digital CATV services and subsequently, high-speed broadband internet and voice services, making it a true triple-play provider.
With the tagline “Access for All”, ABNxcess will initially offer over 100 channels to inform, educate and entertain Malaysians at affordable rates. The superior technology of the CATV network ensures uninterrupted service in any weather and room for more upgrades and expansions to be done and enjoyed by its customers.