SPH unit to subscribe for 30% stake in sgCarMart Financial Services

SINGAPORE Press Holdings' wholly-owned subsidiary Quotz has subscribed for 1.5 million shares from sgCarMart Financial Services for S$1.5 million.

This represents 30 per cent of the share capital of sgCarMart Financial Services, whose principal activity is to operate the business of providing inventory financing to car dealers and vehicle hire purchase to consumers.

The remaining 70 per cent of sgCarMart Financial Services is held by its 51 per cent majority shareholder, T Financial and five other parties.

Quotz is a subsidiary of sgCarMart, which owns and operates the site www.sgcarmart.com, Singapore's highest traffic car classifieds website.

The transaction will not have a material effect on the net tangible assets or earnings per share of SPH for the financial year ending Aug 31, 2019.