01 Apr '13, 5pm

Singapore Press Holdings buys sgCarMart for USD 48M:

Singapore Press Holdings buys sgCarMart for USD 48M:

Singapore Press Holdings buys sgCarMart for USD 48M April 2, 2013 by Terence LEE Singapore Press Holdings (SPH), a major media entity in Singapore, announced yesterday that it has purchased online car portal sgCarMart for SGD 60M (USD 48M), a significant amount in the country’s digital publishing and media sector. The deal, at least in monetary terms, dwarfs SingTel’s acquisition of food portal HungryGoWhere for USD 9.4M last year. SgCarMart operates a variety of businesses, including vehicle classifieds, a car auction platform, an online marketing site, as well as car loans, insurance and settlement services. Existing shareholders in the company include: JDB Investment, Goh Cher Ngann, Ong Poh Huat, and co-founders Henry Seah, Tan Jing Lun, and Vincent Tan. Vincent is the managing director of sgCarMart, which was founded in June 2004 while he was still a mechanical engine...

Full article: http://sgentrepreneurs.com/2013/04/02/singapore-press-hol...

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