MBA buys 5.13pc of Fairfax
Author: Eli Greenblat
Date: 26/12/2002
Words: 163
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Publication: Sydney Morning Herald
Section: Business
Page: 37
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Fund manager Maple-Brown Abbott has emerged as a significant shareholder
in newspaper publisher John Fairfax Holdings, announcing late on Tuesday it had
a 5.13 per cent stake.
It bought the bulk of its 37.7 million shares between August 20 and December
20.
Fairfax, owner of The Sydney Morning Herald, forecast recently that higher
ad sales would help lift pre-tax profit for the first half by at least 20 per
cent.
Media companies such as Fairfax have attracted renewed interest from
investors lately as some analysts predict a rebound in the global advertising
market.
Maple-Brown Abbott is a Sydney-based investment management company
specialising in managing wholesale funds. Its funds under management as at
September 30 totalled $16 billion.
Last month, the US-based fund manager Harris Associates LP bought a 5 per
cent stake in Fairfax, arguing it was the perfect time to lift its media
exposure.
On Tuesday, shares in Fairfax closed down 5c to $3.19.
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