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SPH sells entire 701Search stake to Telenor ASA for US$109m

SPH, Norway's Schibsted and Telenor currently own equal shares in 701Search; Schibsted will also sell its interest to Telenor

Published Fri, May 12, 2017 · 09:50 PM

Singapore

SINGAPORE Press Holdings (SPH) said on Friday it is selling its entire one-third stake in 701Search Pte Ltd to Norway's leading telecommunications operator Telenor ASA for about US$109 million.

A conditional agreement to this effect was entered into by SPH's wholly-owned subsidiary SPH Interactive International Pte Ltd (SPHII) with Telenor Communications II AS.

Under the agreement, SPHII will sell to Telenor 60.2 million ordinary shares of 701Search, representing SPHII's entire stake. SPH CEO Alan Chan said: "701Search has performed we…

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