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SPH unit acquires remaining stake in video content marketing subsidiary BNM Content Solutions
SINGAPORE Press Holdings has acquired the remaining 10 per cent of the total share capital of video content marketing subsidiary BNM Content Solutions (BNMCS) at a consideration of S$50,000, it announced on Friday after the market closed.
BNMCS runs a content marketing and sales agency with offices in Singapore and the Philippines, under the name Brand New Media. The remaining 10 per cent stake was acquired from former chief executive officer of Brand New Media Asia and current head of SPH's creative and content marketing unit Damien Bray. With the deal, made through SPH subsidiary SPH Interactive, BNMCS is now a wholly-owned subsidiary of SPH.
The consideration was paid wholly in cash and was arrived at following arm’s length negotiations on a willing-buyer, willing-seller basis, and after taking into account the business prospects of BNMCS. The deal will not have a material effect on SPH's net tangible assets or earnings per share for the financial year ending Aug 31.
SPH shares closed unchanged at S$2.83 on Friday before the announcement.