SPH undergoing strategic review to 'consider options for its various businesses'

Janice Heng

Published Tue, Mar 30, 2021 · 05:17 PM

SINGAPORE Press Holdings is undergoing a strategic review "to consider options for its various businesses", the firm announced on Tuesday after market close.

"While SPH’s Media business continues to face a challenging operating environment and outlook, the board of directors believes that SPH remains undervalued and the objective of the strategic review is to unlock and maximise long-term shareholder value," said SPH, which publishes The Business Times.

It noted that there is no assurance that the review will result in any transaction, nor that any definitive or binding agreement will be reached. Credit Suisse (Singapore) has been appointed as the financial adviser for the review.

SPH said it will make further announcements as appropriate, and advised shareholders to exercise caution when dealing in its shares.

It also highlighted that shareholders should note that, under the Newspaper and Printing Presses Act, no person shall - without the approval of the Minister for Communications and Information - become a substantial shareholder of SPH, nor enter any agreement or arrangement to act with any other person with respect to the acquisition, holding or the exercise of rights in relation to more than 5 per cent of the firm's shares.

SPH shares closed unchanged at S$1.50 on Tuesday before the news.