SPH divests 80% stake in HK company - Oct 07, 2008 (ST)
The Straits Times / The Business Times News On SPH
SPH divests 80% stake in HK company
Oct 07, 2008
The Straits Times
SINGAPORE Press Holdings (SPH) has divested an 80 per cent stake in a Hong Kong publishing company.
Yesterday, it said it would be divesting 80 per cent of its entire stake in the capital of MI Publishing (HK) to Sing Tao Holdings.
The stake in MI Publishing is held by Magazines Inc, a wholly-owned subsidiary of SPH Magazines. Sing Tao and Magazines Inc inked the sale and purchase agreement last Friday.
The consideration is 80 per cent of the net asset value of the entire share capital. The final figure will be determined based on the completed accounts, to be finalised around Nov 15.
MI Publishing will remain an associate of SPH and will continue to publish The Peak Hong Kong under a publishing licence arrangement with SPH Magazines.