Singapore Press Holdings to switch media enterprise into not-for-profit entity

Singapore Press Holdings to transfer media business into not-for-profit entity

Emblem of Singapore Press Holdings (SPH).

Roslan Rahman | AFP | Getty Pictures

SINGAPORE — Singapore Press Holdings, a newspaper writer and actual property firm, mentioned Thursday it is going to switch its troubled media enterprise right into a not-for-profit entity.

The corporate’s media enterprise — which incorporates English broadsheets The Straits Instances and The Enterprise Instances, in addition to Chinese language newspaper Lianhe Zaobao — have struggled with falling promoting revenues lately.

The troubles at SPH brought on its market capitalization to shrink, and the corporate’s shares on the Singapore Change had been dropped from the benchmark Straits Instances Index final yr. The STI is made up of the 30 listed firms with the biggest market capitalization.

Buying and selling of SPH shares had been halted on Thursday, pending the announcement. As of Wednesday’s shut, the corporate’s shares have risen roughly 58% this yr.

In an announcement, SPH mentioned all media-related belongings can be transferred into a brand new wholly-owned subsidiary named SPH Media Holdings, with an preliminary funding that features a money injection of 80 million Singapore {dollars} ($59.81 million) and 30 million Singapore {dollars} value of SPH shares.

The brand new subsidiary will ultimately be transferred to a not-for-profit entity for “a nominal sum,” mentioned the corporate.

SPH cited The Guardian within the U.Okay. and the Tampa Bay Instances within the U.S. as examples of media companies that make use of the not-for-profit mannequin.

Along with media, SPH can also be within the property enterprise. It owns 66% of an actual property funding belief known as SPH REIT, with properties in Singapore and Australia making up its portfolio.

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