Logo of Singapore Press Holdings (SPH).
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SINGAPORE — Singapore Press Holdings, a newspaper publisher and real estate company, said Thursday it will spin off its troubled media business into a not-for-profit entity.
The company’s media business includes English broadsheets The Straits Times and The Business Times, as well as Chinese newspaper Lianhe Zaobao.
SPH said all media-related assets will be transferred into a new wholly-owned subsidiary named SPH Media Holdings, with an initial funding that includes a cash injection of 80 million Singapore dollars ($59.81 million) and 30 million Singapore dollars worth of SPH shares.
The new subsidiary will eventually be transferred to a not-for-profit entity for “a nominal sum,” said the company.
Trading of SPH shares were halted on the Singapore Exchange on Thursday, pending the announcement. As of Wednesday’s close, the company’s shares have risen roughly 58% this year.