SINGAPORE -Keppel Corp has offered to take Singapore Press Holdings (SPH) private under a scheme which gives SPH a $3.4 billion value following the restructuring of its media business, it announced on Monday (Aug 2). Here is a recap of the recent developments for SPH, which publishes The Straits Times.
Oct 13, 2020: SPH posts its first ever net loss of $83.7 million for the full financial year ended Aug 31 last year, and a loss before taxation of $11.4 million for its media business. This reversed profits seen the previous financial year.
Oct 14, 2020: Shares of SPH dip below $1 for the first time.
March 30, 2021: SPH announces it is undergoing a strategic review to consider options for its various businesses.
May 6, 2021: SPH says it will restructure media business into a not-for-profit entity.
May 10, 2021: Former Cabinet minister Khaw Boon Wan is announced as chairman of SPH’s media entity by then Minister for Communications and Information S. Iswaran in Parliament.
May 12, 2021: SPH Media Trust holds a press conference, during which Mr Khaw announces that former SPH deputy chief executive Patrick Daniel will be interim CEO of the new company limited by guarantee.
July 19, 2021: SPH reports that media operating revenue fell for first nine months of FY2021, led by a decline in newspaper print ad revenue.
Aug 2, 2021: SPH announces $2.2 billion privatisation offer from Keppel Corp post-media restructuring, which values SPH at $3.4 billion. The scheme will see SPH delisted and become a wholly owned subsidiary of Keppel, and is subjected to shareholders’ approval.