ShareInvestor managers to stay, says SPH - Nov 18, 2008 (ST)
The Straits Times / The Business Times News On SPH
Shareinvestor managers to stay, says SPH
By Yang Huiwen
Nov 18, 2008
The Straits Times
SINGAPORE Press Holdings (SPH), following its acquisition of Shareinvestor.com, will retain the entire management team of the financial portal, which will continue to operate independently.
The deal, which was completed yesterday, will see Shareinvestor.com founder Michael Leong staying on board as a consultant and director.
Chief executive and director Christopher Lee and IT director Lim Dau Hee will also continue in their roles.
SPH paid about $12 million for the firm as part of plans to grow its portfolio of Internet services.
An additional $6 million may be paid over the next two years if financial targets are achieved, said SPH in a statement yesterday.
Listed magazine publisher The Lexicon Group said yesterday that it has fully divested its 27.69 per cent stake in Shareinvestor.com.
According to previous announcements to the Singapore Exchange, it expects to make a net gain of between $3.28 million and $4.92 million from the sale.
Shareinvestor is a home-grown Web-based trading platform with more than 5,000 subscribers.
Apart from providing real-time information on shares and other financial instruments and a forum for users, Shareinvestor also publishes the Shareinvestor guide and Invest magazine.
SPH chief executive Alan Chan believes there is 'good synergy between Shareinvestor and SPH's diverse range of businesses' which will also add online financial services to the group's stable of new media offerings.
Dr Leong added: 'It has always been our ambition to merge with a larger and stronger media company so that we can take Shareinvestor to the next level.'
He said the portal plans to enhance investor relations services and introduce more sophisticated features to its market data and charting tools.