Richard Li buys major stake in Hong Kong economic newspaper

0 Comments | AFP, August, 2006

HONG KONG (AFP) — Richard Li, son of Hong Kong tycoon Li Ka-shing, has bought a major stake in the territory's oldest and most respected economic daily, a month after he sold his controlling share in phone operator PCCW.

Through his offshore trust Clermont Media, Li has reached an agreement to buy a 50 percent share in the 33-year-old Hong Kong Economic Journal, said a statement released by both parties late Tuesday.

Li bought the stake for 35 million US dollars, the newspaper said.

The Chinese-language newspaper's founders Lam Shan-muk and his wife Lok Yau-mui will retain a 45 percent share, while another founder Cho Chi-ming will hold five percent.

Under the deal, Lok will remain as the publisher of the newspaper and the Hong Kong Economic Journal...