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The Singapore conglomerate’s transaction does not include the newspaper publisher’s media business.
Singaporean conglomerate Keppel Group said on Monday that it will acquire Singapore Press Holdings Limited (SPH) for S$2.24 billion (US$1.65 billion), excluding the media business of newspaper publishers.
This transaction will give Keppel access to SPH’s real estate footprint, which includes shopping malls, residential properties, a portfolio of student accommodation properties, and nursing homes.
Keppel stated that it will provide Keppel Real Estate Investment Trust’s cash and unit portfolio to shareholders of the Singapore Straits Times publisher, with a total implied value of S$2.099 per share, which represents a 11.6% premium to the stock’s closing price last Friday.
The group said in a statement: “(The transaction) will complement Keppel Land’s plan to go beyond the developer model and provide urban development solutions,” adding that it will accelerate Keppel’s development in the areas of student accommodation and senior living. expansion.
Keppel CEO Loh Chin Hua stated that the transaction will increase Keppel’s pro forma income and increase its management assets and recurring income.
SPH, which publishes the city-state’s main newspaper, said in May that it will transfer its media business to a non-profit company as the department is struggling to cope with the decline in advertising revenue and losses.
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