SINGAPORE: SPH lifts stake in UnionWorks to 70%

SPH Multimedia raises shares in UnionWorks, makes the radio broadcaster a subsidiary

Straits Times
Thursday, February 2, 2006
 
By Lee Su Shyan

Radio broadcaster UnionWorks became a subsidiary of Singapore Press Holdings (SPH) yesterday, after the publishing group raised its stake from 50 per cent to 70 per cent.

SPH's UnionWorks stake is held by its subsidiary SPH Multimedia.

UnionWorks is a joint venture between SPH Multimedia and NTUC Media Cooperative. It was set up in August 2001 and owns and runs radio stations WKRZ 91.3FM and Chinese station UFM 100.3.

WKRZ 91.3FM was relaunched last year, targeted at women listeners. It also carries news bulletins featuring reports from The Straits Times.

Raising SPH Multimedia's stake in the radio company involved UnionWorks capitalising a $500,000 loan from the SPH unit.

The broadcaster also undertook a capital reduction exercise, while SPH Multimedia paid $400,000 for 400,000 shares in UnionWorks.

SPH also announced yesterday that Ms Goh Wee Wang will be UnionWorks general manager once the capital restructuring is completed.

She replaces Ms Nalini Naidu, who left on Jan 13. Mr Arthur Seet has been overseeing day-to-day operations since then.

Date Posted: 2/2/2006