SPH Magazines Takes Stake In It Venture Firm (ST)
THE magazine arm of media group Singapore Press Holdings (SPH) has subscribed for a 22.5 per cent stake in IT venture capital firm Kyosei Ventures.
In exchange for the stake, which represents 290 new shares in Kyosei, SPH Magazines has transferred its online marketing subsidiary clickTRUE to Kyosei, SPH said in an announcement yesterday.
Kyosei is an investment holding company that aims to invest in companies, products and services related to digital advertising in South-east Asia. This includes interactive digital media marketing, among other things, the company said on its website.
ClickTRUE specialises in search and social media marketing, and was previously owned by SPH Magazines subsidiary Hardware Zone.
In June last year, clickTRUE emerged as one of the top 10 search marketing agencies at the Marketing Magazine's Agency of the Year Awards. The company's net tangible asset value is $500,000.
The transaction is not expected to have any material impact on the net tangible assets or earnings per share of SPH for the current financial year ending in August this year.
SPH disclosed in yesterday's announcement that its chief executive Alan Chan is also a director of SPH Magazines. No other SPH directors have any interest in the proposed transaction.