All of SPH’s current management shareholders have also agreed to become founding members of the new company limited by guarantee (CLG), said Communications and Information Minister S. Iswaran on Monday (May 10).
He said: “This will ensure that our local news media will remain in the hands of trusted institutions with a long-term stake in Singapore.
“In due course, the membership will be expanded to include newer and more diverse institutions as stakeholders of the CLG.”
The 1974 Act imposes restrictions on the ownership and control of local newspaper companies. Among other things, such firms are obliged to issue two classes of shares: ordinary and management.