SPH units apply for judicial management

StreetSine Technology Group and StreetSine Singapore also applied for the appointment of interim judicial managers.

Singapore Press Holdings’ (SPH) subsidiaries, StreetSine Technology Group (SSTG) and StreetSine Singapore (SSPL), have each filed applications to be placed under judicial management, according to an SGX filing.

The subsidiaries also applied for interim judicial managers to be appointed pending the determination of the applications.

A pre-trial conference has been fixed for the judicial management applications on 4 June, whilst the hearing date for the interim judicial managers applications has yet to be fixed.

SPH Interactive holds 60% of SSTG’s shares, whilst the remaining shares are held by Samuel Cranage Baker and Jeremy Lee Chuen Yang, who each hold 20%.

On 7 April, the board announced the legal proceedings commenced by Messrs Baker and Lee against SPH Interactive and SPH in relation to SSTG.

However, based on the financial statements of the SPH Group for the financial year ending 31 August 2019, the combined net tangible liabilities and combined revenue and pre-tax losses of SSTG and SSPL are less than 1% compared to the SPH Group’s consolidated revenue and pre-tax profits.

The subsidiaries are said to be not significant subsidiaries of SPH, and the applications will not have a material impact on SPH’s operations for the current financial year ending 31 August 2020.