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SPH raises stake in search engine - Jan 01, 2008 (ST)

BackJan 01, 2008

The Straits Times / The Business Times News On SPH

SPH raises stake in search engine

It has raised its shareholding in its SPH Search subsidiary from 75 per cent to 80.1 per cent.

By Nicholas Fang
Jan 01, 2008
The Straits Times

SINGAPORE Press Holdings (SPH) has raised its shareholding in its SPH Search subsidiary from 75 per cent to 80.1 per cent.

The media group's shares in SPH Search are held through a wholly-owned unit, SPH Interactive.

SPH Search is the first locally focused search engine set up in Asia.

It narrows down search results by filtering out useless information and using contents from a variety of different sources.

SPH said in a statement yesterday that its shareholding grew after SPH Search issued 10.46 million new shares to SPH Interactive for $10.46 million.

A further 1.788 million new shares were issued to Schibsted International Classified & Search for $1.788 million.

SPH and Schibsted are joint-venture partners in various regional media businesses.

Their partnership covers businesses like online classifieds, search and directories services.

The two firms are considering other opportunities that will be announced later, SPH said.

The latest transaction has no material impact on SPH's earnings per share or net assets per share for the financial year ending Aug 31 this year.

SPH director Willie Cheng is also a director of SPH Search and SPH Interactive, the media group also said in its statement.

No other SPH directors have any direct or indirect interest in the transaction, it added.