SPH shares surge after company announces review of its businesses
Singapore Press Holdings (SPH) shares surged to their highest in nearly a year after the company said it is undergoing a review to consider options for its various businesses.
The shares rose as much as 8.7 per cent to $1.63 - their highest since April 3last year - shortly after the market opened yesterday.
The stock closed 2 per cent higher at $1.53, with about 69 million shares worth $109 million changing hands.
The stock is up about 38 per cent this year, set for the first annual gain in seven years, Bloomberg reported.
The objective of the review is to "unlock and maximise long-term shareholder value", the media-to-property group said after trading closed on Tuesday.
While the media business continues to face a challenging operating environment and outlook, the board believes the company remains undervalued, said the publisher of The Straits Times.
Credit Suisse (Singapore) was appointed financial adviser for the review. This comes as SPH posted a 26.1 per cent rise in net profit to $97.9 million on Tuesday for the first half of its financial year, on the back of improvements in non-media business segments as the economy recovers gradually.
The media segment posted a profit of $3.1 million, down 70.9 per cent year on year. - THE STRAITS TIMES