Singapore Press Holdings (SPH) will not go ahead with its C$232.9 million (S$233 million) proposed acquisition of six senior housing properties in Canada, given the coronavirus situation. The media and property group, which publishes The Straits Times and The Business Times, had announced the deal last month.

SPH said in a bourse filing on Monday: "The purchaser and the vendor have mutually agreed not to proceed with the acquisition and to terminate the agreement as a matter of prudence in the light of global market instabilities caused by the Covid-19 pandemic."

SPH had said last month that the proposed acquisition was expected to be closed by May.

The six freehold assets in Canada comprise five independent-living properties in Ontario and one assisted-living property in Saskatchewan.

SPH said the termination of the agreement will not have any material adverse impact on its consolidated net tangible assets or earnings per share for the fiscal year ending Aug 31.

Canada has reported over 2,000 cases of the coronavirus as of yesterday, while the United States has the third-largest number of cases in the world, at over 46,000, behind China and Italy.

SPH said last month that it would buy five aged-care assets in Japan for 5.26 billion yen (S$69 million) - its first overseas investment for its aged-care business. The acquisition of three of the Japan properties has been completed, while that of the other two assets is expected to be completed next month, subject to satisfaction of conditions precedent.

SPH shares rose 2.4 per cent to $1.69 yesterday.

THE BUSINESS TIMES