SINGAPORE – Shares of Singapore Press Holdings (SPH) surged to their highest in nearly a year, after the company said it is undergoing a strategic review to consider the options for its various businesses.
SPH shares rose as much as 8.7 per cent to $1.63, their highest since April 3, shortly after the stock market opened on Wednesday (March 31). They were trading 4 per cent higher at $1.56 at 10.43am.
The stock is up about 38 per cent this year, set for the first annual gain in seven years, Bloomberg reported.
The objective of the review is to “unlock and maximise long-term shareholder value”, the media and property group said after stock trading closed on Tuesday.
While the media business continues to face a challenging operating environment and outlook, the board of directors believes that the company remains undervalued, said SPH, which publishes The Straits Times.
Credit Suisse (Singapore) was appointed financial adviser for the review.
Along with that announcement, SPH on Tuesday posted a 26.1 per cent rise in net profit to $97.9 million for the first half of its financial year. This came on the back of improvements in the group’s non-media business segments as the Singapore economy recovers gradually.