Singapore Press Holdings officially delisted, Gerald Yong succeeded Wu Yicong as CEO

SINGAPORE – After 38 decades on the Singapore Exchange, Singapore Press Holdings (SPH) officially delisted on Friday (May perhaps 13) and was wholly owned by expenditure organization Cuscaden Peak.

SPH main government Ng Yat Chung will step down on Monday (Might 16) alongside present SPH administrators. A new board will then be formed.

In an e mail despatched to SPH workers on Friday, observed by The Straits Instances, Mr Goh explained CapitaLand chief executive (special jobs) Gerald Yong would be appointed SPH’s chief executive on Monday. formal.

“The new SPH board will be chaired by Mr Christopher Lim, who also chairs Cascade Peak,” Mr Wu said.

Mr Wu reported he would continue to serve as a senior adviser to SPH to guarantee a smooth changeover for the new board and main government.

On Thursday, Cuscaden announced in an exchange filing that it had paid Cuscaden’s prepared thing to consider to take around SPH.

Cuscaden is a consortium of hotel houses (HPL) owned by tycoon Ong Beng Seng, as very well as Temasek-joined CLA Residence Holdings and Mapletree Group.

SPH consists of non-media houses these kinds of as retail and retirement homes right after it restructured its media enterprise, which consists of publications this kind of as The Straits Times and Lianhe Zaobao, into the not-for-income entity SPH Media Trust in December.

In an e mail, Mr. Wu thanked SPH Chairman Li Wenyang and the directors for their advice and help around the several years. Mr. Wu has been the Chief Executive Officer of SPH since September 2017.

He also welcomed Mr Lim and the new board members of SPH to tutorial the corporation forward and said he was delighted to be succeeded by Mr Yang.

“Gerald has an exceptional history and is completely skilled to direct SPH Minimal on the next lap,” he stated.

The race to acquire SPH’s non-media belongings finished in March when SPH shareholders overwhelmingly voted in favour of Cuscaden Peak’s takeover bid. A different suitor is Keppel Company.

SPH Confined was incorporated on 4th August 1984 as the holding company to attain the merger of The Straits Times Press (1975) Constrained, Singapore Press and Publications Confined, Moments Publishing Limited and Singapore Push Products and services.

Last thirty day period, Cuscaden supplied to invest in the SPH authentic estate expense rely on (Reit) at 93.72 cents for every device, the minimum amount supply needed immediately after changing for the modern SPH Reit distribution.

Cuscaden’s give is a requirement underneath Singapore’s Takeovers and Mergers Code as it now owns 47.2% of SPH Reit and has accomplished options to acquire SPH non-public.

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