SPH subsidiaries seek judicial management

SINGAPORE Press Holdings (SPH) announced in a regulatory filing on Tuesday that two of its subsidiaries have each applied to be placed under judicial management. 

The subsidiaries are info-tech firms StreetSine Technology Group and StreetSine Singapore, which have also applied for interim judicial managers to be appointed pending the determination of their applications. A pre-trial conference has been fixed for June 4; the hearing date has yet to be fixed. 

SPH's wholly-owned subsidiary, SPH Interactive, holds 60 per cent of the shares of StreetSine Technology; the remaining shares are held by Samuel Cranage Baker and Jeremy Lee Chuen Yang, who each hold 20 per cent. 

StreetSine Singapore is wholly owned by StreetSine Technology. It is in the business of integrating big data sets with mobile applications to provide property information and transaction tools to the real estate market.

On April 7, the board announced the legal proceedings commenced by Mr Baker and Mr Lee against SPH Interactive and SPH in relation to StreetSine Technology.

But SPH said that the combined net tangible liabilities and the combined revenue and pre-tax losses of the two subsidiaries compared to SPH Group's net tangible assets and consolidated revenue and pre-tax profits respectively, are in each case less than 1 per cent. This is based on the audited consolidated financial statements of the SPH Group for the financial year ended Aug 31, 2019. 

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StreetSine Technology and StreetSine Singapore are therefore not significant subsidiaries of SPH and the judicial management applications  will not have a material impact on the Company's operations for the current financial year ending Aug 31, 2020, said SPH.

SPH will keep the shareholders informed of the progress of the matter and will make further announcements as appropriate.