SPH completes divestment of stake in 701Search

The opening of SPH Search and 701 Search at News Centre Annex Block in August 2007.
The opening of SPH Search and 701 Search at News Centre Annex Block in August 2007.PHOTO: LIANHE ZAOBAO

SINGAPORE - A wholly-owned unit of Singapore Press Holdings (SPH), SPH Interactive International (SPHII), completed the divestment of its stake in 701Search on Friday (June 30).

On May 12, SPHII entered into a conditional agreement with Telenor Communication II AS for the divestment.

"SPH is pleased to announce that all the conditions ... have been satisfied, and that the divestment of SPHII's stake in 701Search has been completed today," said SPH in a Singapore Exchange filing.

701Search has ceased to be an associated company of SPH.

SPH shares closed 0.6 per cent or two cents lower at $3.23 on Friday, before the announcement was made.