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”SPH said many news organisations overseas are operating under such structures, including The Guardian in the United Kingdom, which has been controlled by the Scott Trust since 1936; and the Tampa Bay Times in the United States, which is owned by the non-profit Poynter Institute.
Lee Boon Yang, chairman of SPH, said: "With the resources that SPH is providing upfront and the prospects for public-private partnership funding going forward, we anticipate that SPH Media will have a more sustainable financial future."
After the transfer of SPH Media to the CLG, SPH will no longer be subject to shareholder and other relevant restrictions under the NPPA.
Dr Lee added: "The exercise will give SPH greater financial flexibility to tailor its capital and shareholding structure to seize strategic growth opportunities across the other businesses in order to maximise returns for shareholders."
SPH called for a trading halt on Thursday before the market opened. Its shares fell 1.1 per cent or S$0.02 on Wednesday to close at S$1.79.”
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- JFK23·2021-05-06Trading halt for good news?LikeReport