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SPH increases stake in UnionWorks to 70% - Feb 02, 2006 (BT)

BackFeb 02, 2006

The Straits Times / The Business Times News On SPH

SPH increases stake in UnionWorks to 70%




Feb 02, 2006
The Business Times

SINGAPORE Press Holdings (SPH) yesterday said that with immediate effect, the shareholding of its subsidiary, SPH Multimedia (SPHMM), in an associate, UnionWorks, has been increased from 50 per cent to 70 per cent or 700,000 shares. UnionWorks, which owns and operates the WKRZ 91.3 FM and UFM 100.3 radio stations, becomes a subsidiary of SPH, held through SPHMM.

The increase was a result of the capitalisation of SPHMM's shareholder's loan to UnionWorks of $500,000, a capital reduction undertaken by UnionWorks, and the issue of 400,000 shares by UnionWorks to SPHMM.

The price of $400,000 was arrived at based on the net assets per share of UnionWorks post-capitalisation and capital injection.

The transaction has no material impact on the earnings per share or the net assets per share of SPH for the financial year ending Aug 31, 2006.

Ms Goh Wee Wang will be the general manager of UnionWorks.