SPH tapping $150m in bank loans - Nov 19, 2008 (BT)

BackNov 19, 2008

The Straits Times / The Business Times News On SPH

SPH tapping $150m in bank loans

Nov 19, 2008
The Business Times



SINGAPORE Press Holdings has struck separate agreements with DBS Bank and OCBC Bank for unsecured term loan facilities totalling $150 million. The three-year loans will be used for working capital and general corporate funding, SPH said yesterday. The media group has an investment portfolio of about $1 billion, but this will not be monetised.

Corporate communications division head Chin Soo Fang said: 'Current market prices are low due to the financial turmoil. We believe that funding our working capital needs through the loan facilities will allow us maximum flexibility in the deployment of funds to pursue appropriate business opportunities, should they arise.'

For the year ended Aug 31, SPH registered cash and cash equivalents of $211 million, up from $122.2 million a year earlier. SPH said that the latest transactions would have no material impact on its earnings per share or net tangible assets per share for the current financial year.