Business

SPH sells 701Search stake to Norwegian telco for $153m

Singapore Press Holdings (SPH) is selling its one-third stake in 701Search to Norwegian telecommunications operator Telenor for about US$109 million (S$153 million), the firm said yesterday.

701Search was established in 2006 with SPH Interactive International (SPHI) and Norway's Schibsted Classified Media as equal partners.

It welcomed Telenor as an equal partner in 2013 and currently operates the online classified sites Chotot.vn in Vietnam, OneKyat.com in Myanmar, Mudah.my in Malaysia and ImSold, an online classifieds mobile app.

Norway's Schibsted will also sell its stake to Telenor, said SPH in a filing.

The transaction is subject to regulatory and other relevant approvals and conditions.

Upon closing, 701Search will cease to be an associate company of SPH.

SPH said the transaction does not include SPHI's effective ownership in its online classified joint ventures with Schibsted, Telenor and Naspers in Thailand and Indonesia. - THE STRAITS TIMES

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