Last Updated on 2022-05-17 , 4:40 pm
As of end-March, shareholders of Singapore Press Holdings (SPH) voted in favour of a $3.9 billion takeover from Cuscaden Peak, after a fierce bidding battle between the firm and Keppel Corporation.
As of the 13th of May, SPH has officially been delisted to be wholly owned by Cuscaden Peak.
With SPH Media (The Straits Times, Lianhe Zaobao) transferred into a non-profit entity, the takeover will generally concern the property market side of SPH, which notably includes Paragon mall, as well as The Seletar Mall and The Clementi Mall.
Alongside these changes, SPH chief executive officer Ng Yat Chung, who trended for his comments about “taking umbrage” at a reporter’s question on SPH’s editorial integrity, has now stepped down.
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The CEO (Special Projects) of CapitaLand, Gerald Yong, will be taking over.
Mr Ng Yat Chung has been serving as SPH’s CEO since 2017, and will still continue to act as a senior advisor after his step-down.
In an email to SPH, Mr Ng spoke about how he was pleased to hand over his position to Mr Yong. “Gerald has a stellar record and is well qualified to lead SPH Limited in the next lap.” He also expressed his gratitude to the chairman of SPH, Lee Boon Yang, as well as his board of directors for their guidance.
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Featured Image: Lianhe Zaobao, The Straits Times / Youtube
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