SPH completes partial divestment of 701Search

Only one-third share remains.

SPH is pleased to announce that all the conditions precedent for the closing of the transactions have been satisfied pursuant to the terms of the divestment by Singapore Press Holdings (SPH) of its partial shares in 701Search Pte. Ltd (701Search).

The sale and transfer of the Transfer Shares and the subscription of the Subscription Shares have been completed today.

Singapore Press Holdings Limited (SPH) has on 30 September 2013 announced that its wholly-owned subsidiary, SPH Interactive International Pte. Ltd. (SPHI), had entered into a conditional transaction agreement with Schibsted Classified Media AS (Schibsted) and Telenor Communication II AS for (i) the sale by SPHI and Schibsted of an equal number of shares respectively in 701Search to the Purchaser, and (ii) the subscription of additional shares in 701Search by the Purchaser.

SPH now holds, through SPHI, 1/3 of the total issued and paid-up share capital of 701Search comprising 49,690,480 ordinary shares in the capital of 701Search.

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