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SPH Magazines undergoes revamp - Nov 03, 2004 (ST)

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The Straits Times / The Business Times News On SPH

SPH Magazines undergoes revamp




Nov 03, 2004
The Straits Times

SPH Magazines (SPHM), the magazine arm of Singapore Press Holdings, is restructuring its Malaysian operations by teaming up with a Malaysian businessmen, Mr Mohd Ibrahim Mohd Nor, to tap into the magazine market in the country.

SPHM is injecting its recently acquired majority stake in Blu Inc Media Sdn Bhd into a joint venture company, Paramount Title, which will be 50:50 owned by SPHM and Dato Mohd Ibrahim's Simpletech.

Paramount will buy a 20 per cent stake in Blu Inc Media Sdn Bhd from Mr Alaff Positif, giving it a 92 per cent in the firm. Also, Paramount will take a 70 per cent stake in Magazine World, which publishes Her World Malaysia. Paramount will be the vehicle used to expand SPHM's magazine business in Malaysia, SPH said.

Also, SPHM will set up two joint ventures here:

Blu Inc Singapore which will be 90 per cent held by SPHM and 10 per cent held by Paramount, which will hold 100 per cent of the issued capital of Blu Inc Media and Magazines Incorporated;

and

Blu Inc Overseas - 50:50 held by SPHM and Simpletech - which will own the ventures that publish IFlair in China and Female in Indonesia.

With the restructuring, SPHM's effective stake in Blu Inc Media's Malaysian operations will be cut from 72 per cent to 46 per cent.