|The Board of Directors of Singapore Press Holdings Ltd ("SPH") wishes to announce that with effect from 4 July 2005, wholly owned subsidiary, SPH Magazines Pte Ltd ("SPHM") realigned its Blu Inc Group companies together with joint venture partner, Simpletech Sdn Bhd ("Simpletech"), by transferring each of their respective 50% stake in the capital of Blu Inc Overseas Pte Ltd ("BIO") to their Malaysian operations under Blu Inc Holdings Malaysia Sdn Bhd ("BIHM") in exchange for proportionately more shares in BIHM. SPHM shall continue to maintain its 50% stake in BIHM.|
At the same time, the entire share capital in Blu Inc Ventures Pte Ltd ("BIV") which was formerly held under Blu Inc Overseas Pte Ltd has been transferred to Blu In Media Pte Ltd for the consideration of S$1.00.
BIHM will now concentrate on developing the business operations in Malaysia and Indonesia while Blu Inc Singapore Pte Ltd will concentrate on the business operations in Singapore and China.
None of the directors of SPH has any interest, direct or indirect in the above and this transaction has no material impact on the earnings and the net tangible assets per share of SPH in the financial year ending 31 August 2005.
5 July 2005
Submitted by Ginney Lim May Ling, Group Company Secretary to SGX on 5 July 2005