Tue, Jun 30, 2020 - 5:50 AM Singapore SINGAPORE Press Holdings (SPH), which publishes The Business Times, is setting up a joint venture (JV) wit
Tue, Jun 30, 2020 – 5:50 AM
SINGAPORE Press Holdings (SPH), which publishes The Business Times, is setting up a joint venture (JV) with Keppel Corporation to develop and operate data centre facilities at SPH’s Genting Lane property.
In a regulatory filing yesterday, SPH announced that it will hold 40 per cent of the JV company, named Memphis 1, while units of Keppel will hold the remaining 60 per cent.
Memphis 1 has an option to acquire SPH’s leasehold interest in 82 Genting Lane for S$50 million, being the value of the property according to a valuation done by Jones Lang LaSalle in July 2018 and updated in September 2019.
The sale of the property is expected to be completed on July 17.
Following the completion of the deal, SPH will effectively have disposed of 60 per cent of its stake in the property.
SPH will initially subscribe for S$1.4 million worth of Memphis 1 shares while Keppel will initially subscribe for S$2.1 million worth of Memphis 1 shares.
Both SPH and Keppel will also subscribe for bonds to be issued by Memphis 1. SPH’s share of the bond…