May 06, 2021
Under the restructuring proposal, SPH Media will eventually be transferred to a not-for-profit entity for a nominal sum.
The Straits Times/ Gavin Foo
Singapore Press Holdings (SPH) intends to transfer its media business to a not-for-profit company as part of a strategic review of its various businesses.
Announcing the move on Thursday (May 6), SPH chairman Lee Boon Yang said the transfer will enable the media business to focus on quality journalism and invest in talent and new technology to strengthen its digital capabilities.
The restructuring entails transferring all the media-related businesses including relevant subsidiaries, employees, News Centre and Print Centre along with their respective leaseholds, all related intellectual property and information technology assets to a newly incorporated wholly-owned subsidiary, SPH Media Holdings Pte Ltd ( SPH Media ).
SINGAPORE, May 6 The Singapore Press Holdings (SPH) will be restructuring its media business into a not-for-profit entity amid falling advertising revenue. With this move which is expected to be fully completed by October, subject to shareholders’ approval SPH’s media.
South Korea s Kospi, which was also closed in the previous session, rose 0.32%. In Hong Kong, the Hang Seng index shaved off most of its more than 1% gains to trade fractionally higher, up by 0.08%.
Chinese mainland shares traded for the first time in May after being shut for public holidays. The benchmark Shanghai composite gave up gains to decline 0.22% while the Shenzhen component fell 1.82%.
Meanwhile, Australia s ASX 200 slipped 0.37% as most sectors were in negative territory.
Thursday s session in Asia-Pacific follows a mixed finish overnight on Wall Street where the Dow Jones Industrial Average ended at a new all-time closing high.
U.S. jobs report
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