Singapore Press Holdings Limited (SPH) was an organisation with businesses in property and aged care in Singapore. Since its takeover by Cuscaden Peak in 2022, it has been renamed Cuscaden Peak Investments.
Prior to 1 December 2021, SPH was in the media business with a reach in the print, digital, radio, and outdoor media. It formed part of a duopoly in the mass media of Singapore, with the other player being Mediacorp.[2] SPH had over 4,000 employees. Its team of approximately 1,000 journalists include correspondents operating around the world. 2,500 of the staff, including the journalists and its media business were subsequently transferred to SPH Media.
The company was one of the country's "blue-chip" counters on the Singapore Exchange Securities Trading Limited (SGX) until its delisting on 13 May 2022 following its acquisition by Cuscaden Peak.[3][1] It was also a constituent of the Straits Times Index until its removal on 22 June 2020.
History
This section's factual accuracy may be compromised due to out-of-date information. The reason given is: a general information gap between 2009 and 2021. Please help update this article to reflect recent events or newly available information.(April 2022)
1984: Formation of Singapore Press Holdings
Singapore Press Holdings Limited was formed on 4 August 1984 through a merger of three organisations, The Straits Times Press Group, Singapore News and Publications Limited and Times Publishing Berhad.[4]
On 8 June 2000, SPH MediaWorks was set up with the aim of breaking into the broadcasting business,[5] and received Singapore's second nationwide free-to-air terrestrial television broadcasting service licence on 26 April 2001.[6] SPH soon afterwards launched two channels, Channel U (Mandarin) on 6 May 2001 and TVWorks (English) on 20 May 2001.[7] On 3 March 2002, TVWorks was renamed to Channel i with a new programming belt.[8]
On 31 December 2004, SPH sold its television operation to Mediacorp, restoring Mediacorp's former monopoly status. Channel i was shut down on 1 January 2005, but Channel U continues to operate. Through a merger, SPH retained a 20% stake in Mediacorp's television operational, as well as 40% stake in Today newspaper.[9]
The National Library Board and SPH signed an agreement in 2007 to make digitised articles of The Straits Times available for public access at NLB libraries. The digitised articles were made available at NewspaperSG and was launched on 28 January 2010.[10][11]
In 2009, SPH celebrated its 25th anniversary and for the first time, changed its corporate logo. The new logo was launched on 30 March that year by former President S. R. Nathan and chairman Tony Tan Keng Yam.[12]
On 29 September 2017, SPH completed its sale of its stakes in Mediacorp's television operational, and Today. Mediacorp Press and Mediacorp TV Holdings ceased to be associated companies of SPH.[9]
In November 2019, SPH stopped publishing Torque, a motoring publication, and moved its operation digital while parking it under its subsidiary, sgCarMart.[15]
On 27 April 2020, SPH divested Buzz, a modern retail convenience chain, to Thai-Pore Enterprise for an undisclosed sum. Buzz was previously a wholly owned subsidiary under SPH.[16]
On 22 June 2020, SPH was removed from the Straits Times Index (STI), which tracks 30 of the largest companies by market capitalisation listed on the mainboard of the Singapore Exchange after a quarterly review of the constituents of the STI announced on 5 June that year. It was replaced by Mapletree Industrial Trust.[17][18]
On 13 October 2020, SPH, which published The Straits Times and The Business Times, posted a net loss of $83.7 million for the full year. The loss was attributed to COVID-19 which affected all major business segments.[19]
On 1 February 2021, SPH's events subsidiary Sphere Exhibits merged with Temasek's SingEx Holdings.[20]
SPH's readership has stagnated since the early-2000s, as Singaporeans increasingly turned to online media for their news consumption.[21] On 6 May 2021, SPH in response to shareholder pressures, had proposed that it would restructure itself and transfer its media business into a company limited by guarantee (CLG), which would be privately managed.[22][23] The new CLG would initially be managed by SPH management shareholders at the time, while still having to issue new management shares of the media business under the CLG as required by Newspaper and Printing Presses Act.[24] The government would also lift the shareholder limits on the currently listed SPH entity.[25]Khaw Boon Wan, a retired politician, was appointed as the chairman of the CLG.[26]
On 10 September 2021, an extraordinary general meeting was convened over the restructuring proposal to transfer all media business-related assets and staff to SPH Media Trust. Approximately 97.55% of the 300 shareholders present voted in favour of the proposal.[27] The transfer was completed on 1 December 2021. The assets transferred included its headquarters, the News Center, and its press, the Print Center, as well as all intellectual property and information technology assets. Along with the assets transfer, 2,500 staff were transferred to SPH Media Trust as well.[28]
2022: Acquisition and delisting
On 28 February 2022, consortium led by Toyota Financial Services Singapore acquired sgCarMart for S$150 million.[13]
Following its acquisition by Cuscaden Peak, SPH was delisted from the Singapore Exchange on 13 May 2022.[3][1]
Prior to 1 December 2021, like all newspaper companies in Singapore, SPH was regulated by the Newspaper and Printing Presses Act (NPPA) of 1974 and issues both management and ordinary shares. As specified by the NPPA, all issues and transfers of management shares have to be approved by the Ministry of Communications and Information, and in "any resolution relating to the appointment or dismissal of a director or any member of the staff" the vote of one management share is equivalent to 200 ordinary shares.[29]
After 1 December 2021, the regulations have been lifted due to the completion of the transfer of its media business into SPH Media Trust.[30][28]
Businesses
Properties
SPH owns retail properties Paragon, The Clementi Mall and The Seletar Mall. SPH's wholly owned subsidiary, Times Development Pte Ltd, has also developed a 43-storey upmarket residential condominium, Sky@eleven, at Thomson Road.
Paragon REIT
Paragon REIT (previously SPH REIT) is a Singapore-based REIT established to invest in a portfolio of income-producing real estate primarily for retail purposes. Paragon REIT comprises three retail malls and one strip mall, The Paragon, The Clementi Mall, The Rail Mall, and Westfield Marion. Paragon is a prime retail and office complex in the heart of Orchard Road, Singapore's main shopping belt. The Clementi Mall is a mid-market suburban mall in the centre of Clementi town. In December 2019, then SPH REIT acquired 50% ownership in Westfield Marion from Scentre Group.[31] SPH REIT was renamed Paragon REIT in January 2023.[32]
Orange Valley
SPH owns Orange Valley which operates nursing homes.
M1 Limited
In February 2019, it was announced that Keppel Corporation and Singapore Press Holdings (SPH) had together obtained majority control of telco M1, after Axiata accepted their joint offer of $2.06 a share for a 28.6 per cent stake. Later in March 2019, the telco said that Konnectivity, a company owned jointly by the two companies, would buy all of its remaining shares.[33]
The Straits Times is a Singaporean daily English-language newspaper owned by the SPH Media Trust. Established on 15 July 1845, it is the most-widely circulated newspaper in the country and has a significant regional audience. The newspaper is published in the broadsheet format and online, the latter of which was launched in 1994. It is regarded as the newspaper of record for Singapore.
City Hall MRT station is an underground Singapore Mass Rapid Transit (MRT) interchange station on the North–South line (NSL) and East–West line (EWL). Situated in the Downtown Core district, it is underneath Stamford Road near the road junctions with North Bridge Road and St Andrew's Road. The station is near landmarks such as the former City Hall, Raffles City, the Padang, St Andrew's Cathedral and the Cenotaph.
Changi Airport MRT station is an underground Mass Rapid Transit (MRT) station serving Changi Airport and its supplementary structure Jewel in Changi, Singapore. The station is the terminus of the Changi Airport branch of the East West line (EWL); it is operated by SMRT Trains and is built in an east–west direction. The ends of the station directly connect to Terminals 2 and 3 of Changi Airport.
Clementi MRT station is an above-ground Mass Rapid Transit (MRT) station on the East West Line (EWL). Located in Clementi, Singapore, the station is located along Commonwealth Avenue West and serves landmarks such as The Clementi Mall, Clementi Bus Interchange and Clementi Fire Station.
Tanglin Secondary School was a co-educational government secondary school in Clementi, Singapore.
Khaw Boon Wan is a Malaysian-born Singaporean former politician who served as Minister for Transport between 2015 and 2020, Minister for National Development between 2011 and 2015, and Minister for Health between 2003 and 2011. A member of the governing People's Action Party (PAP), he was the Member of Parliament (MP) representing the Moulmein division of Tanjong Pagar GRC between 2001 and 2006, and the Sembawang division of Sembawang GRC between 2006 and 2020.
Today is a Singaporean news website owned by Mediacorp. It was originally established in 2000 as a free newspaper, competing primarily with Singapore Press Holdings' Streats.
On 31 December 2004, MediaCorp and SPH MediaWorks agreed to merge effective the following day. The merger is no longer in effect on 29 September 2017, when SPH divested from Mediacorp.
Ng Yat Chung is a Singaporean former lieutenant-general who served as Chief of Defence Force between 2003 and 2007.
The mass media in Singapore refers to mass communication methods through broadcasting, publishing, and the Internet available in the city-state. Singapore's media environment is a duopoly - it is dominated by two major players, Mediacorp and SPH Media.
Zainul Abidin bin Mohamed Rasheed is a Singaporean diplomat, former politician and journalist. A former member of the governing People's Action Party (PAP), he was the Member of Parliament (MP) representing Eunos ward of Aljunied GRC between 2001 and 2011 and Cheng San GRC representing Punggol East ward from 1997 to 2001.
The Paragon is a luxury shopping complex located in the Orchard Road area of Singapore.
One-north is a subzone of Queenstown, Singapore, first developed by JTC Corporation as the country's research and development and high technology cluster. It was first conceptualised in 1991 as part of the National Technology Plan and officially launched on 4 December 2001 by then Deputy Prime Minister Tony Tan Keng Yam.
SPH MediaWorks Ltd was a free-to-air terrestrial television broadcaster in Singapore that operated two television channels: Channel U and Channel i. It merged with the city-state's long-established broadcasting company, Mediacorp, in 2004.
Lianhe Wanbao was a Singapore Chinese afternoon newspaper published daily by SPH Media from 16 March 1983 after the merger between the Singaporean editions of Nanyang Siang Pau and Sin Chew Jit Poh.
The Clementi Mall. Above the mall is Clementi Towers, the first HDB project to be co-located within a shopping mall and bus interchange.
CapitaLand is a real estate investment and management firm headquartered in Singapore. The company holds properties in over 40 countries. It has a stable of six listed real estate investment trusts and business trusts, as well as about 30 private vehicles. It pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, now merged with CapitaLand Commercial Trust to form CapitaLand Integrated Commercial Trust.
The Newspaper and Printing Presses Act 1974 is a statute of the Parliament of Singapore that enables authorities to license the publication and distribution of newspaper and other printed media such as magazines and journals in Singapore. The law is designed to ensure that there is no foreign control of Singaporean newspapers, and limits the circulation of foreign printed media.
SPH Media Trust (SMT), trading as SPH Media, is a mass media company in Singapore. Incorporated on 19 July 2021 as a company limited by guarantee, it was spun off from Singapore Press Holdings as part of a restructuring. It owns several major newspapers in the country, including the English-language The Straits Times and The Business Times, Chinese-language Lianhe Zaobao and Shin Min Daily News, Malay-language Berita Harian, and the Tamil Murasu. The company also publishes magazines, and operates five radio stations.
The Rail Mall, or just Rail Mall, is a strip mall located at Upper Bukit Timah Road, Singapore. The Rail Mall is located nearby the Rail Corridor and the Bukit Timah Nature Reserve.
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