11 January 2006 - The Board of Directors of Singapore Press Holdings Ltd (SPH) announced that with effect from 3 January 2006, wholly owned subsidiary, SPH Magazines Pte Ltd (SPHM) has acquired the remaining 10% stake in the share capital of Blu Inc Singapore Pte Ltd (BIS) currently held by Blu Inc Holdings Malaysia Sdn Bhd (BIHM).
The consideration for the acquisition of the 10% stake in BIS is as follows:
1. a cash amount of S$1,925,000; and
2. the assignment by SPHM to BIHM of all the intellectual property rights in Malaysia in respect of the trademarks, “Female”,
“Nuyou” and “Torque” and all the intellectual property rights on a worldwide basis in respect of the trademarks “Eh!” and “Glam”.
SPHM will continue to retain all other intellectual property rights in respect of “Female”, “Nuyou” and “Torque” on a worldwide basis. With the acquisition, BIS is now a wholly owned subsidiary of SPHM.
At the same time, the entire share capital in Blu Inc Overseas Pte Ltd (“BIO”) which was formerly held under BIHM will also be transferred to BIS for the consideration of S$1.00.
SPHM shall continue to maintain its 50% stake in BIHM. BIHM will now concentrate on developing the business operations solely in Malaysia while Blu Inc Singapore Pte Ltd will concentrate on the business operations on a worldwide basis save for Malaysia.
None of the directors of SPH has any interest, direct or indirect in the above and the transactions have no material impact on the earnings and the net tangible assets per share of SPH in the financial year ending 31 August 2006.
Issued by Singapore Press Holdings Limited
Co. Regn. No: 198402868E
For more information, please contact:
Mr Arnold Gay
Singapore Press Holdings
Tel: 6319 1216
Fax: 6319 8150
About Singapore Press Holdings Ltd
Main board listed Singapore Press Holdings Limited is the leading media company in Singapore, in the print, Internet and broadcasting platforms. It publishes 13 newspapers in the four official languages and over 80 magazine titles. Everyday, 2.8 million individuals, or 88 per cent of the people above 15 years old, read one of the SPH publications. Its Internet Business Unit manages the online editions of SPH’s major newspapers and magazines, which together enjoy over 300 million pageviews a month. SPH also owns a 20% stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8, U and TV Mobile, and a 40% stake in MediaCorp Press Pte Ltd, which publishes free newspaper Today. SPH operates two entertainment radio channels, UFM 100.3 FM in Chinese and WKRZ 91.3 FM in English, under a joint venture company UnionWorks with NTUC Media, and owns an 80% stake in SPH MediaBoxOffice Pte Ltd, Singapore´s largest LED network media company.