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Star Publication buy stake in 701SOU

Posted on: June 19, 2009

Bernama – Friday, June 19

SINGAPORE, June 18 (Bernama) — Singapore Press Holdings Limited (SPH) today sold its 20 percent stake in 701Sou (Hong Kong) Pte Limited to Malaysia’s Star Publications for S$5,000,000.

The sale through its wholly-owned subsidiary, SPH Interactive International Pte Ltd (SPHII), was made on a willing-buyer willing-seller basis, according to SPH.

701Sou, launched in November 2008, provides online directory search services in China through its website, and attracts a monthly visitor rate of six million.

701Sou had since surpassed the top two providers in China based on third party ranking by Alexa in terms of site visits and reach, SPH said in a statement.

SPHII will remain the major shareholder with a 55 percent direct stake and an indirect stake of five percent through its 50-50 joint venture company, 701Search Pte Ltd, which owns 10 percent of 701Sou.

The remaining share of 15 percent is held by Fung Choi Printing Limited.

The sale agreement was signed by SPH chief executive officer Alan Chan and Star Publications executive deputy chairman Datuk Clement Hii at SPH News Centre here.

This is the second time SPHII has formed an alliance with Star Publications.

In April last year, SPHII entered into a joint venture with Star Publications for the provision of online directory search services in Malaysia through 701Panduan. — BERNAMA



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