HT Media’s arm, HT Overseas Pte Ltd is acquiring 5 per cent stake in Singapore-based news agency Dealstreetasia Pte Ltd for an undisclosed amount.
HT Overseas Pte Ltd has subscribed to 5 per cent share capital of Dealstreetasia Pte Ltd on December 24, 2015, however, confirmation from the “target company on allotment of shares to acquirer company is awaited”, HT Media said in a BSE filing.
While the company did not disclose the overall outgo, it said the acquisition has been done at a price of SGD 21.51 per ordinary share.
Explaining the objects of the acquisition, it said Dealstreetasia is engaged in the business of news agency, which has synergy with the business activities of HT Overseas Pte Ltd, the publisher of MintAsia newspaper in Singapore and Malaysia.
Incorporated in Singapore in March 2014, Dealstreetasia commenced operations in December 2014 and covers Singapore, Philippines, Indonesia, Malaysia, Myanmar, India, Thailand and Vietnam.