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Directors' trades: SPH directors snapping up shares - Oct 26, 2007 (ST)

BackOct 26, 2007

The Straits Times / The Business Times News On SPH

Directors' trades: SPH directors snapping up shares

A fortnight ago, SPH beat market expectations with an 18.1 per cent rise in net profits.

By Lee Su Shyan
Oct 26, 2007
The Straits Times

DIRECTORS of Singapore Press Holdings (SPH) have been buying up stock in the company, following a strong set of annual results.

Board director and former chief justice Yong Pung How bought 100,000 SPH shares at $4.50 apiece on Tuesday.

Having invested $450,000, Mr Yong now has a direct stake of 500,000 shares or 0.03 per cent of the share capital.

He also has a deemed shareholding of 0.26 per cent or 4.2 million shares.

A fortnight ago, SPH beat market expectations with an 18.1 per cent rise in net profits to $506.2 million for the year ended Aug 31.

Operating profits improved, helped partly by the maiden profit recognition of $47.8 million from the sale of units at the Sky@eleven condominium. Revenue was up 13.6 per cent at $1.16 billion.

Last Friday, director Willie Cheng increased his stake, buying 100,000 shares at $4.50 apiece to add to his existing holding of 8,500 shares.

Mr Cheng also has a deemed stake of 12,750 shares.

Last week, directors Ngiam Tong Dow and Lee Ek Tieng were in the market as well.

Mr Ngiam's deemed stake was raised to 20,000 shares through the purchase of 8,000 shares at $4.54 each.

Mr Lee, who was already holding 50,000 shares, paid $4.54 apiece as well, for another 100,000 shares.