Singapore Press Holdings says its wholly-owned subsidiary, SPH Magazines, has agreed to purchase 2.4 million Blu Inc. (Holdings) Malaysia Sdn. Bhd. (BIHM) shares, representing a 20% stake.
The aggregate consideration of RM22.06 million ($9 million) includes an equity contribution of RM10.66 million which SPH Magazines intends to make.
The transactions will be wholly satisfied in cash and will be funded from SPH Magazines’ internal resources and are not expected to have any material impact on the group's financials for the financial year ending August 31, 2012.
Upon completion of the transactions, SPH Magazines will hold a 71.4% stake in Blu Inc (Holdings) Malaysia.
Monday, March 26, 2012
SPH raises Blu Inc stake to 71.4%
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