SPH sells 701Search Australia stake
The net tangible liabilities of 701Search Australia as at 31 August 2012 was A$55,445.51.
Singapore Press Holdings Limited announced that its 50% associate 701Search Pte Ltd has transferred its entire shareholding in its wholly-owned subsidiary 701Search (Australia) Pty Ltd to Mr Morten Blomfeldt.
The consideration for the transfer is A$1, arrived at on an arm’s length, willing-buyer willing-seller basis.
The transaction is not expected to have any material impact on the net tangible assets per share or earnings per share of SPH for the current financial year ending 31 August 2013.