Retired former minister Khaw Boon Wan will be the chairman of the not-for-profit entity that will oversee Singapore Press Holdings' (SPH) media business when it is hived off, said Communications and Information Minister S Iswaran on Monday (May 10).
SPH said last week that it will transfer its entire media-related business to a newly formed public company limited by guarantee (CLG), amid the ongoing challenge of falling advertising revenue.
Speaking in Parliament, Mr Iswaran said the decision to appoint a chairman was an important and immediate decision that had to be made by the CLG.
The decision was discussed with SPH’s existing management shareholders, who agreed to form the CLG and be its founding members. This ensures that local news media will remain “in the hands of trusted institutions with a long-term stake in Singapore”, Mr Iswaran said.
The management shareholders are OCBC, Great Eastern, UOB, DBS, Singtel, NTUC Income, Temasek via Fullerton, the National University of Singapore and Nanyang Technological University.
https://tinyurI.com/33ksmuxn
SPH said last week that it will transfer its entire media-related business to a newly formed public company limited by guarantee (CLG), amid the ongoing challenge of falling advertising revenue.
Speaking in Parliament, Mr Iswaran said the decision to appoint a chairman was an important and immediate decision that had to be made by the CLG.
The decision was discussed with SPH’s existing management shareholders, who agreed to form the CLG and be its founding members. This ensures that local news media will remain “in the hands of trusted institutions with a long-term stake in Singapore”, Mr Iswaran said.
The management shareholders are OCBC, Great Eastern, UOB, DBS, Singtel, NTUC Income, Temasek via Fullerton, the National University of Singapore and Nanyang Technological University.
https://tinyurI.com/33ksmuxn