|The Board of Directors of Singapore Press Holdings Ltd ("SPH") wishes to announce that with effect from 3 January 2006, wholly owned subsidiary, SPH Magazines Pte Ltd ("SPHM") has acquired the remaining 10% stake in the share capital of Blu Inc Singapore Pte Ltd ("BIS") currently held by Blu Inc Holdings Malaysia Sdn Bhd ("BIHM"). |
The consideration for the acquisition of the 10% stake in BIS is as follows:
1. a cash amount of S$1,925,000; and
2. the assignment by SPHM to BIHM of all the intellectual property rights in Malaysia in
respect of the trademarks, "Female", "Nuyou" and "Torque" and all the intellectual
property rights on a worldwide basis in respect of the trademarks "Eh!" and "Glam".
SPHM will continue to retain all other intellectual property rights in respect of "Female", "Nuyou" and "Torque" on a worldwide basis. With the acquisition, BIS is now a wholly owned subsidiary of SPHM.
At the same time, the entire share capital in Blu Inc Overseas Pte Ltd ("BIO") which was formerly held under BIHM will also be transferred to BIS for the consideration of S$1.00.
SPHM shall continue to maintain its 50% stake in BIHM. BIHM will now concentrate on developing the business operations solely in Malaysia while Blu Inc Singapore Pte Ltd will concentrate on the business operations on a worldwide basis save for Malaysia.
None of the directors of SPH has any interest, direct or indirect in the above and the transactions have no material impact on the earnings and the net tangible assets per share of SPH in the financial year ending 31 August 2006.
11 January 2006
Submitted by :
Singapore Press Holdings Limited