Singapore Press Holdings Tumbles By Most Since 1998 on Spin-off
- Stock fell as much as 16% as investors reconsider valuations
- Firm is trading at a higher price-to-book than most peers: KGI
Singapore.
Photographer: Lauryn Ishak/BloombergThis article is for subscribers only.
Singapore Press Holdings Ltd. plunged by the most in 23 years on Friday after the firm announced a plan to spin-off its media business.
Shares fell as much as 16% to S$1.51 ($1.13), the most since January 1998, after they resumed trading following a halt on Thursday. The owner of Singapore’s flagship daily newspaper said it will carve out the media unit into a non-profit entity, and the government has said it supports the planned restructure.