701Search gets boost with new Norwegian partner

NORWAY'S Telenor ASA, through wholly owned Telenor Communications II, has come onboard media company 701Search Pte Ltd as a new partner with a one-third stake.

This follows the completion of the subsidiary's purchase of an equal number of shares from existing 50-50 partners SPH Interactive International (SPHI) and Norway's Schibsted Classified Media AS and the subscription of additional shares in 701Search.

Announcing the completion of the transactions yesterday, Singapore Press Holdings (SPH) said that it now holds, through wholly owned SPHI, one-third of the total issued and paid-up share capital of 701Search.