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<p>SPH has diested its stakes in Mediacorp ventures while ST Engineering has acquired repair assets in the US.</p></article>

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<p>SPH has diested its stakes in Mediacorp ventures while ST Engineering has acquired repair assets in the US.</p>
<h3>SPH offloads stae in media JVs to Mediacorp</h3>
<p>Mainboard-listed <a href="http://dealstreetasia.com/tag/singapore-press-holdings" target="_blank" rel="noopener"><span style="color: #000080;"><strong><span style="color: #000080;">Singapore Press Holdings Limited (SPH</span>)</strong></span></a>, the state media corporation of Singapore, is to divest its 20 per cent stake in Mediacorp TV Holdings Pte Ltd and 40 per cent stake in Mediacorp Press Limited for S$18 million, with completion of the transaction at end-September.</p>
<p>SPH expects to record a write down of approximately S$31 million in its books pursuant to the transaction. The proposed divestment follows <a href="http://dealstreetasia.com/tag/mediacorp" target="_blank" rel="noopener"><strong><span style="color: #000080;">Mediacorp’s</span></strong></a> decision to cease the print edition of the newspaper TODAY and shift to a digital format.</p>
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<p>The divestment by SPH comes 12 years after SPH purchased stakes as part of a media industry asset consolidation in 2005. During the consolidation, SPH transferred a TV channel to Mediacorp and took a 20 per cent stake in Mediacorp TV Holdings. SPH merged its free newspaper STREATS with TODAY, and invested in a 40 per cent stake of Mediacorp Press.</p>
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<p>Ng Yat Chung, Executive Director and CEO-Designate of SPH, said: “The proposed divestment will allow SPH to focus on its core media business. Free to air television is not core to SPH&#8217;s business and the divestment of the stake in TODAY follows Mediacorp&#8217;s decision to turn it into a fully digital product.&#8221;</p>
<p>SPH has 17 newspaper titles which cater to different interests and needs. Besides the flagship dailies in 4 languages – <em>The Straits Times, Lianhe Zaobao, Berita Harian</em> and <em>Tamil Murasu</em>, as well as free sheet <em>The New Paper</em>, there are also business daily <em>The Business Times</em>, Chinese evening papers <em>Shin Min Daily</em> and <em>Lianhe Wanbao</em>, and student publications.</p>
<h3>ST Engineering acquires US repair assets</h3>
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<p><span style="color: #000080;"><strong><a href="http://dealstreetasia.com/tag/st-engineering" target="_blank" rel="noopener"><span style="color: #000080;">Singapore Technologies Engineering Ltd (ST Engineering)</span></a></strong></span> announced in a filing on 25 August that it has acquired selected rig repair assets adjacent to its existing yard, VT Halter Marine, Inc. (VT Halter Marine) in Pascagoula, Mississippi in the US, through its subsidiary Vision Technologies Marine, Inc. (VT Marine).</p>
<p>It has paid $25 million (S$33.9 million) for these assets of World Marine of Mississippi LLC (WMM), comprising a purpose-built facility of 94 acres for heavy marine fabrication, and offshore oil and gas rig upgrades, repairs and conversions.</p>
<p>Since the downturn of the offshore and marine industry, the ST Engineering has been looking to acquire assets that represent long-term value and can enhance its capabilities whilst offering scale advantages in the marine repair segment. The acquired assets, which are situated in a prime location in the Gulf of Mexico and with close proximity to VT Halter Marine’s Pascagoula yard enable the Group to leverage resources and derive greater synergies in its ship repair business.</p>
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SPH has diested its stakes in Mediacorp ventures while ST Engineering has acquired repair assets in the US. 

SG Dealbook: SPH divests stake in Mediacorp; ST Engineering acquires repair assets

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