Advertisement
Singapore markets closed

  • Straits Times Index

    3,287.75
    -5.38 (-0.16%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • Dow

    38,460.92
    -42.77 (-0.11%)
     

  • Nasdaq

    15,712.75
    +16.11 (+0.10%)
     

  • Bitcoin USD

    63,365.66
    -3,075.58 (-4.63%)
     

  • CMC Crypto 200

    1,359.84
    -22.73 (-1.64%)
     

  • FTSE 100

    8,083.02
    +42.64 (+0.53%)
     

  • Gold

    2,341.90
    +3.50 (+0.15%)
     

  • Crude Oil

    83.01
    +0.20 (+0.24%)
     

  • 10-Yr Bond

    4.6960
    +0.0440 (+0.95%)
     

  • Nikkei

    37,628.48
    -831.60 (-2.16%)
     

  • Hang Seng

    17,284.54
    +83.27 (+0.48%)
     

  • FTSE Bursa Malaysia

    1,569.25
    -2.23 (-0.14%)
     

  • Jakarta Composite Index

    7,155.29
    -19.24 (-0.27%)
     

  • PSE Index

    6,574.88
    +2.13 (+0.03%)
     

UPDATE 1-Conglomerate Keppel to buy Singapore Press Holdings for $1.7 bln

Reuters SG
·1-min read
UPDATE 1-Conglomerate Keppel to buy Singapore Press Holdings for $1.7 bln

(Adds details on deal price, comments, background)

Aug 2 (Reuters) - Singaporean conglomerate Keppel Corp said on Monday it would buy Singapore Press Holdings Ltd (SPH) for S$2.24 billion ($1.65 billion), excluding the newspaper publisher's media business.

The deal will give Keppel access to SPH's real estate footprint, which includes malls, residential properties, a portfolio of properties for student accommodation as well as nursing homes.

Keppel said it would offer a combination of cash and units in Keppel REIT to shareholders of the Singapore Straits Times publisher for a total implied value of S$2.099 per share, representing an 11.6% premium to the stock's last close on Friday.

ADVERTISEMENT

"(The deal) will complement Keppel Land's plans to move beyond a developer model to providing urban development solutions," the conglomerate said in a statement, adding that it would accelerate Keppel's expansion into the student accommodation and senior living sectors.

The deal will be accretive to Keppel's earnings on a pro forma basis and boost its assets under management and recurring income, said Loh Chin Hua, Keppel's chief executive officer.

SPH, which publishes the city-state's main newspaper, said in May it would transfer its media business to a not-for-profit company as the unit struggles with falling advertising revenue and losses.

($1 = 1.3538 Singapore dollars) (Reporting by Shashwat Awasthi and Sameer Manekar; Editing by Amy Caren Daniel)