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Malaysian investor takes seat on Johnston board

The Malaysian investment company which owns 20pc of Johnston Press now has its own representative on the company’s board.

Usaha Tegas bought the 20pc stake for £43m last month, prompting speculation – vigorously denied by Johnston chief executive Tim Bowdler – that it would shortly be launching a full takeover bid.

Now Johnston’s has announced the appointment of an Usaha Tegas director, Ralph Marshall, as a non-executive director of its board.

Mr Marshall is a chartered accountant with 30 years’ experience in financial and general manegement who serves on the board of several other companies.

HoldtheFrontPage understands that no further appointments of Usaha representatives to the Johnston’s board are planned.

Johnston’s has recently raised a total of £213m through the sale to Usaha and from issuing new shares in the company.