|Singapore Press Holdings Limited ("SPH") wishes to announce that with effect from 1 February 2006, the shareholding of its subsidiary, SPH Multimedia Pte Ltd ("SPHMM"), in an associate, UnionWorks Pte Ltd ("UnionWorks"), has been increased from 50% to 70% or 700,000 shares. UnionWorks will henceforth be a subsidiary of SPH, held through SPHMM.|
The increase was a result of the capitalisation of SPHMM's shareholder's loan to UnionWorks of S$500,000, a capital reduction undertaken by UnionWorks, and the issue of 400,000 shares by UnionWorks to SPHMM.
The consideration of S$400,000 was arrived at based on the net assets per share of UnionWorks post-capitalisation and capital injection.
UnionWorks owns and operates two radio stations, WKRZ 91.3 FM and UFM 100.3.
The transaction has no material impact on the earnings per share or the net assets per share of SPH for the financial year ending 31 August 2006.
None of the Directors of SPH has any interest, direct or indirect, in the transaction.
Ms Goh Wee Wang will be the General Manager of UnionWorks following its capital restructuring.
Issued by : Singapore Press Holdings Limited
1 February 2006