Singapore Press Holdings
Singapore Press Holdings (SPH) and Focus Media Holding (FMH), China's leading lifestyle targeted media company, have teamed up to form a joint venture company, Target Media Culcreative, in Singapore.
The joint venture will develop a smart in-lift media delivery platform that will greatly improve audience engagement efforts for community and commercial segments.
Under the collaboration, SPH will provide its wealth of news and localised lifestyle content to enhance the appeal of the media platform.
The joint venture will also leverage the strengths of Focus Publishing, the contract publishing arm of SPH's Chinese Media Group, which produces community publications across the four official languages.
FMH will commit operational expertise, systems support, media delivery technology and product development guidance to the joint venture company.
FMH and SPH are the two largest shareholders, with a 30 per cent and 21 per cent stake respectively in this joint venture, while the remaining stakes will be split among three other minority investors.
The agreement was signed by Ms Lee Huay Leng, head of SPH's Chinese Media Group, and Mr Jiang Nan Chun, founder and chairman of FMH.
Catalist-listed 3Cnergy has entered into a subscription agreement with Peter Lim-backed Catpital Private, which has agreed to subscribe for around 101.64 million new shares at 2.2 cents apiece.
The price is a discount of around 7.56 per cent to the weighted average price of 2.38 cents for trades done on May 14, the full market day before the signing of the agreement.
This will enable 3Cnergy to raise net proceeds - after expenses - of nearly $2.24 million.
Catpital Private is an investment holding company owned by billionaire investor Peter Lim.
This comes after 3Cnergy completed a one-for-one rights issue, which raised $31.5 million.