SPH unit raises stake in SPH Search (ST)

BackMay 17, 2010

A WHOLLY owned subsidiary of Singapore Press Holdings (SPH), SPH Interactive, has invested $2.7 million for 300 million new shares of SPH Search.

The purchase brings the total shares held by SPH Interactive to 320 million. The other 4.975 million shares are owned by Norwegian media giant Schibsted.

Through this investment, SPH Interactive has upped its stake in SPH Search from 80.1 per cent to 98.47 per cent.

SPH said in an announcement yesterday that this transaction would have no impact on its earnings per share or net asset per share for the financial year ending Aug 31.

SPH Search, a company focusing on online search and directories in Singapore, is a joint venture between SPH Interactive and Schibsted set up in 2006.

SPH director Willie Cheng sits on the boards of SPH Search and SPH Interactive.