To jump-start its new venture, STPress has taken over the contracts and intellectual property rights of SNP International Publishing (SNPIP), the book publishing arm of SNP Corp.

The six-member editorial and design team from SNPIP helmed by publishing veteran Shirley Hew, 59 and publishing manager Shova Loh, 57, will join the new subsidiary.

The transaction is not expected to have any material impact on the earnings per share or the net tangible assets per share of SPH for the financiaul year ending 31 Aug 2009, said an SPH statement on Wednesday.

Mr Patrick Daniel, editor in chief of SPH's English and Malay Newspapers who will chair the STPress board, said: 'We're delighted to get back into book publishing. It is a natural extension of our newspaper business. We have many excellent writers, photographers and artists, and a wealth of content waiting to be tapped. We're confident of the business potential in this sector.'

SPH quit the book publishing business in 1989 when it hived off Times Publishing as a separate listed company to focus on newspaper publishing.

Mr Daniel said the company will work closely with the more than 700 staff of EMND, in particular The Straits Times, the group's 163-year-old flagship newspaper.

ST editor Han Fook Kwang, pointing to the newspaper's 15 overseas bureaus and international award-winning editorial and design teams, said:

'Straits Times Press can be viewed as an extension of what SPH and The Straits Times offers readers on a daily basis in the newspaper.'

The newspaper's core strength of delivering quality content in a punchy, visually appealing manner can be produced in book or multi-media platforms, he said.

The Straits Times also has online products - including its website ST.com; STOMP, a social networking site; and the recently launched Razor TV, an interactive web TV service.

Mr Alan Chan, SPH's chief executive officer, said: 'Straits Times Press is the group's latest initiative to achieve growth by expanding into adjacent businesses, and tapping on the group's extensive resources and strengths."

Ms Hew and her team's publishing track record covers contract publishing for organisations to publishing titles under its own imprint.

Ms Hew, who will be STPress executive director, said the new subsidiary will continue its ongoing publishing programme and look for opportunities in new editorial projects in different formats.