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SPH subsidiaries' hearing date for JM application fixed for Aug 17

SINGAPORE Press Holdings (SPH) said that the hearing date for the judicial management applications of two of its subsidiaries has been fixed for Aug 17.

The subsidiaries are info-tech firms StreetSine Technology Group and StreetSine Singapore. SPH's wholly-owned subsidiary, SPH Interactive, holds 60 per cent of the shares of StreetSine Technology. StreetSine Singapore is wholly owned by StreetSine Technology.

SPH had said in May that the two subsidiaries are not significant ones, based on the combined net tangible liabilities and the combined revenue and pre-tax losses of the two subsidiaries, compared to SPH Group's net tangible assets and consolidated revenue and pre-tax profits for FY2019.

Therefore, the judicial management applications will not have a material impact on its operations for the current financial year ending Aug 31, 2020, said the group then.

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