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Increase in shareholding in associate

01 February 2006

Singapore Press Holdings Limited ("SPH") wishes to announce that with effect from 1 February 2006, the shareholding of its subsidiary, SPH Multimedia Pte Ltd ("SPHMM"), in an associate, UnionWorks Pte Ltd ("UnionWorks"), has been increased from 50% to 70% or 700,000 shares. UnionWorks will henceforth be a subsidiary of SPH, held through SPHMM.

The increase was a result of the capitalisation of SPHMM’s shareholder’s loan to UnionWorks of S$500,000, a capital reduction undertaken by UnionWorks, and the issue of 400,000 shares by UnionWorks to SPHMM.

The consideration of S$400,000 was arrived at based on the net assets per share of UnionWorks post-capitalisation and capital injection.

UnionWorks owns and operates two radio stations, WKRZ 91.3 FM and UFM 100.3.

The transaction has no material impact on the earnings per share or the net assets per share of SPH for the financial year ending 31 August 2006.

None of the Directors of SPH has any interest, direct or indirect, in the transaction.

Ms Goh Wee Wang will be the General Manager of UnionWorks following its capital restructuring.

Issued by Singapore Press Holdings Limited
Co. Regn. No: 198402868E

About SPH
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 more than 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, which enjoy over 100 million pageviews from 6 million unique visitors every 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 sheet Today. SPH has a 70% stake in UnionWorks which operates two entertainment radio channels, UFM 100.3 FM in Chinese and WKRZ 91.3 FM in English, and owns an 80% stake in SPH MediaBoxOffice Pte Ltd, Singapore´s largest LED network media company.