SPH: Transaction to set up online classifieds JVs in Thailand, Indonesia completed

Singapore Press Holdings (SPH) announced on Friday (Jan 9) that a transaction involving its associated company 701Search partnering Netherlands-based Myriad International Holdings to develop their online classifieds businesses in Indonesia and Thailand has been successfully completed.

Myriad is a subsidiary of media group Naspers while 701Search is held equally by SPH Interactive International, Telenor Communications II and Schibsted Classified Media.

Under the transaction, Myriad sold its assets in Malaysia and Vietnam to 701Search, which in turn sold its Philippine assets to Myriad.

Myriad and 701Search also contributed their individual shares and/or assets to establish and form joint-venture businesses in Thailand and Indonesia.

701Search has a 36 per cent stake in the joint-venture company in Indonesia with Myriad holding the remaining 64 per cent stake. In Thailand, 701Search has a 55.9 per cent stake in the JV, while Myriad holds the balance.

SPH said it is pleased to announce that all conditions precedent for the closing of the abve transaction have been satisfied, and that the sale and transfer of the assets and shares and the formation of the joint venture businesses for the respective territories, as contemplated under the transaction, have been completed as of Friday (Jan 9).