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News - Detailed News Story

Winding up of media business may incur 'potentially heavy financial costs': SPH

11 Sep 2021 09:00

By Vivien Shiao

SINGAPORE Press Holdings (SPH) said on Thursday that winding up the media business may incur "potentially heavy financial costs", and any sale of the media business would also require regulatory approval.

This was in response to questions sent by shareholders on why the board did not consider selling or shutting down the media business, ahead of the extraordinary general meeting (EGM) to be held on Sept 10. SPH is seeking to get shareholders' approval on its proposed restructuring and formation of a new constitution.

SPH, which publishes The Business Times, had announced in May that it will be transferring its entire media-related business to a company limited by guarantee (CLG). This came as part of a strategic review announced in March amid structural changes that had severely disrupted the traditional business model, which relied on print advertising revenue.

With the loss-making media business hived off, Keppel had made a S$2.2 billion bid to privatise SPH's non-media business. The deal, which values SPH at S$3.4 billion, will take place through a scheme of arrangement, subject to SPH shareholders first approving its media restructuring plan.


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Source: Business Times
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