Singapore Press Holdings formally delisted, Gerald Yong to take over as CEO from Ng Yat Chung

Singapore Press Holdings formally delisted, Gerald Yong to take over as CEO from Ng Yat Chung

SINGAPORE – After 38 years on the Singapore Trade, Singapore Press Holdings (SPH) was formally delisted on Friday (Might 13) to grow to be wholly owned by funding automobile Cuscaden Peak.
SPH chief govt officer Ng Yat Chung will step down from his put up on Monday (Might 16), along with the present administrators of SPH. A brand new board will then be constituted.
In an e-mail to SPH employees on Friday that was seen by The Straits Instances, Mr Ng mentioned that CapitaLand CEO (Particular Initiatives) Gerald Yong can be appointed as CEO of SPH from Monday.

“The brand new SPH board can be chaired by Mr Christopher Lim, who can also be the chairman of Cuscaden Peak,” mentioned Mr Ng.
Mr Ng mentioned he’ll stay as senior adviser to SPH to make sure a clean transition for the brand new board and CEO.
On Thursday, Cuscaden introduced in a bourse submitting that the fee of the Cuscaden scheme consideration to take over SPH had been effected.

Cuscaden is a consortium comprising tycoon Ong Beng Seng’s Resort Properties (HPL) and Temasek-linked CLA Actual Property Holdings and Mapletree.

SPH consists of non-media property reminiscent of retail and aged care properties, after it restructured its media enterprise – which incorporates titles reminiscent of The Straits Instances and Lianhe Zaobao – into not-for-profit entity SPH Media Belief final December.
In his e-mail, Mr Ng thanked SPH chairman Lee Boon Yang and the administrators for his or her steering and help over time. Mr Ng has been CEO of SPH since September 2017.
He additionally welcomed Mr Lim and the brand new board members of SPH to information the corporate ahead, and mentioned he was happy to be succeeded by Mr Yong.
“Gerald has a stellar report and is effectively certified to steer SPH Restricted within the subsequent lap,” he mentioned.
The competition to amass SPH’s non-media property got here to an finish in March, when SPH shareholders voted overwhelmingly for Cuscaden Peak’s supply. The opposite suitor was Keppel Corp.
SPH Restricted was integrated on Aug 4, 1984, as a holding firm to impact the merger of The Straits Instances Press (1975) Restricted, Singapore Information and Publications Restricted, Instances Publishing Berhad and Singapore Newspaper Companies.
Final month, Cuscaden provided to amass SPH actual property funding belief (Reit) at 93.72 cents per unit, the minimal supply worth required after adjusting for latest SPH Reit distributions.
The supply by Cuscaden is required by the Singapore Code on Take-overs and Mergers, because it now owns 47.2 per cent of SPH Reit having accomplished its scheme to take SPH personal.

Supply hyperlink

This site uses Akismet to reduce spam. Learn how your comment data is processed.