iPhone | iPad
Android
Huawei
Mena region witnessed $2.6 billion VC funding in 2021 — the highest the region has ever seen.
Business1 day ago
KT APPDOWNLOAD
Keppel Corp to buy Singapore Press Holdings for $1.7 billion
Reuters
Singapore City - The Singaporean conglomerate's deal excludes the newspaper publisher's media business.
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.
"(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.
More news from Business
The ILO estimated that global unemployment is expected to reach 207 million in 2022, versus 186 million reported in 2019
Business2 days ago
The charity, which is focused on combating global poverty, said the 10 wealthiest men’s fortunes skyrocketed collectively from $700 billion to $1.5 trillion, at a rate of around $1.3 billion per day.
Business2 days ago
Buimerc Corporation was founded by Siddharth Balachandran, an Indian entrepreneur based in Dubai, and is the operating holding company of several fully owned subsidiaries in India and the UAE
Business2 days ago
The DIFC is home to major global financial institutions and boasts a worldwide reputation as an international financial centre with an excellent legal and regulatory framework.
Business2 days ago
Partnership in the field of digital transformation in the two countries was discussed in the presence of the leading Estonian digital companies, digital governance and cybersecurity.
Business2 days ago
Pakistan spends Rs260 billion to help poor segments of society under its Ehsaas programme
Business2 days ago
Global trading platform opens global office in Dubai to serve the region’s growing appetite for digital assets
Business2 days ago