SPH Magazines buys big stake in Thai publisher - Jan 21, 2005 (ST)
The Straits Times / The Business Times News On SPH
SPH Magazines buys big stake in Thai publisher
Jan 21, 2005
The Straits Times
SPH MAGAZINES is snapping up a major stake in a Thai publishing group as part of its push to be a leading regional magazine publisher.
The deal to buy into the group, which publishes mainly lifestyle and entertainment magazines, will give SPH a greater presence in what the company sees as a promising market.
'We have been monitoring the Thai market closely since our first investment there in 2003. We are excited about the growth potential,' said SPH Magazines chief executive officer David Tay.
SPH will spend 148.3 million baht (S$6.4 million) to acquire about 49 per cent of Traffic Corner Publishing and about 9 per cent of its parent, Traffic Corner Holdings, which is listed on the mainboard of the Stock Exchange of Thailand.
Since it started operating just over a year ago, Traffic Corner Publishing has rapidly become a leading publisher with eight Thai language publications.
Its parent company is a diversified media group which has been operating for more than 10 years.
This will be SPH Magazines' second foray into Thailand.
In 2003, it entered into a joint venture with GMM Media to publish and circulate a Thai edition of Her World, a women's monthly magazine.
SPH Magazines, which publishes more than 60 titles, said the new investment will strengthen its position as a major magazine publisher in the region following its acquisition last year of Blu Inc's stable of titles and the launch of Her World in Indonesia, Malaysia, China and Thailand.
Traffic Corner Publishing's CEO, Mr Siriphong Vongvuttipornchai, welcomed the partnership: 'Together, we can add value to our existing portfolio to benefit readers and advertisers, as well as further expand our portfolio of titles over time.'