The SPH Journey: A timeline of key events since SGX listing

Michelle Quah

Published Thu, May 6, 2021 · 07:17 AM

As the next step of its strategic review, to unlock and maximise value for all shareholders for the remaining company, Singapore Press Holdings (SPH) T39says that Keppel Corporation (Keppel Corp) BN4 has launched a S$2.2 billion bid to privatise SPH ex-media; under the scheme, SPH shareholders will receive a total consideration of S$2.099 per share, comprising S$0.668 in cash per share, 0.596 Keppel Reit unit (valued at S$0.715) and 0.782 SPH Reit unit (valued at S$0.716) per share - valuing SPH at S$3.4 billion. The scheme is subject to approval by SPH and Keppel shareholders, as well as other conditions and regulatory approvals. Here are other key corporate events since the group's listing.

1984 SPH lists on SGX mainboard in December as the holding company of Times Publishing Bhd, The Straits Times Press (1975) Ltd, Singapore News and Publications Ltd and Singapore Newspaper Services Pte Ltd. Times Publishing divested to Fraser & Neave years later.

1996 SPH-led group acquires The Promenade for S$270 million and the Paragon by Sogo for S$682 million; both buildings later redeveloped into what is now Paragon.

2000-2004 SPH gets licence to operate two free-to-air TV channels, sets up SPH MediaWorks, marking move into broadcasting; SPH merges TV and free newspaper operations with Mediacorp in 2004, takes stakes in these entities, which it divested in 2017, effectively exiting these businesses. In August 2000, SPH launched Project Eyeball, Singapore's first integrated print and digital newspaper; Project Eyeball suspended after 10 months, both its website, print newspaper close due to low circulation and advertising revenue.

2007 SPH enters property development with Sky@eleven condominium, built on the former Times Industrial Building site. All 273 units snapped up within 30 hours.

November 2009 SPH wins tender for The Clementi Mall with a S$542 million bid by a joint venture with NTUC Income and NTUC FairPrice.

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2013 SPH Reit lists on SGX with Paragon and The Clementi Mall. It now also includes The Rail Mall, Westfield Marion Shopping Centre and Figtree Grove Shopping Centre. Outside of the Reit, the group also owns The Seletar Mall.

2016-2017 Free sheet My Paper and paid daily The New Paper (TNP) merge to form revamped TNP. SPH ventures into eldercare with its acquisition of Orange Valley Healthcare for S$164 million. SPH grows eldercare business by acquiring five aged care assets in Japan in February 2020. In May 2017, 701Search divested for US$109 million.

September 2018-2020 SPH expands into Purpose-Built Student Accommodation (PBSA), acquiring a UK student accommodation portfolio for £180 million. In November 2019, it acquired an asset in Bremen, Germany, followed by Student Castle Investments Holdco Ltd for £411 million. In 2019, Keppel Corp, SPH obtain majority stake in M1. In June 2020, SPH, Keppel Data Centres Holding tie up to develop and operate data centre facilities at Genting Lane.

Feb 2021 SPH announces the merger of SingEx Holdings and Sphere Exhibits (MICE subsidiaries and Temasek and SPH respectively). Temasek will own 60 per cent in SingEx-Sphere, with SPH owning 40 per cent.

March 2021 SPH announces a strategic review to consider options for its various businesses and to unlock and maximise long-term shareholder value; SPH's board says it believes that, with the company's media business continuing to face a challenging operating environment and outlook, SPH remains undervalued.

May 2021 SPH announces that, in the first step of its strategic review, it will be spinning off its media business into a not-for-profit entity in the form of a public company limited by guarantee; the transfer of the media business is subject to SPH shareholders' approval at an extraordinary general meeting.

Aug 2021 Keppel Corp makes an offer for SPH's non-media businesses, valuing the group at S$3.4 billion.

SPH SPH Reit

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