Singapore, - 701Search, Singapore Press Holdings' (SPH) JV media company specialising in building and growing online marketplaces in regional emerging markets, will have a new partner in Telenor ASA, Norway's leading telecommunications operator.
701Search was established in 2006 with SPH Interactive International Pte Ltd (SPHI) and Norway's Schibsted Classified Media AS as equal partners. It operates the online classified companies Mudah.my (Malaysia),
Berniaga.com (Indonesia), Ayosdito.ph (The Philippines) and Chotot.vn (Vietnam).
With this strategic move, 701Search will be able to reap potential synergies by leveraging on Telenor's established Asian telecommunications network, mobile internet capabilities and subscriber base. Telenor's expertise in mobile is also useful as 701Search brings online classifieds into the mobile sphere.
Together with Schibsted, which brings extensive knowledge and experience from the online classifieds business as well as SPH, a leading media company in Singapore with expertise in print and online advertising, 701Search will greatly benefit from the contributions of all three shareholders when the transactions are completed by the end of the year.
The transactions are subject to regulatory and other relevant approvals and conditions. On closing, 701Search will be owned 1/3 by SPHI, 1/3 by Schibsted and 1/3 by Telenor. 701Search will continue with its business of offering online classifieds in the region.
Mr Alan Chan, Chief Executive Officer of SPH, said:"701Search has turned in a good performance since it started, achieving market dominance in some areas and growing rapidly in others. With the participation of another strategic investor, and the different strengths and extensive knowledge of SPH, Schibsted and Telenor, we can work towards penetrating the online classifieds market in South East Asia and beyond."
“We believe we will succeed in bringing our popular products and proven business-models to rapidly developing economies in Asia. This joint venture formed by three knowledge-driven and industrially oriented companies gives us even more financial and operational strength to pursue attractive number 1 positions. We can do more, and we can move faster. This will improve our chance to succeed,” said Schibsted CEO Rolv Erik Ryssdal.
“Bringing Internet to the masses is a key objective for Telenor. Online classifieds on mobile is growing fast. Being one of the largest mobile operators in the world with a strong footprint in emerging markets, it makes perfect sense for Telenor to team up with two world class companies like Schibsted and SPH to create a leading online classifieds player,” said Rolv-Erik Spilling, EVP and Head of Telenor Digital.
“SPH, Schibsted and Telenor are a perfect match. SPH and Schibsted are leading providers of one of the most popular Internet services in online classifieds, and reach around 100 million people worldwide. Telenor is one of the world’s leading mobile companies already bringing communication and Internet services to 150 million customers in Europe and Asia,” said Mr Chan, Ryssdal and Spilling.
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For more information, please contact:
Chin Soo Fang
Head, Corporate Communications & CSR
Singapore Press Holdings Ltd
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Deror Wong (Mr)
Corporate Communications & CSR
Singapore Press Holdings Limited
Tel: 6319 1226
About Singapore Press Holdings Ltd
Main board-listed Singapore Press Holdings Ltd (SPH) is Southeast Asia's leading media organisation, engaging minds and enriching lives across multiple languages and platforms. SPH has 19 titles licensed under the Newspaper Printing and Presses Act, of which nine are daily newspapers across four languages, and over 100 magazine titles in Singapore and the region. On an average day, – 3.05 million individuals or 76 percent of people above 15 years old, read one of SPH’s news publications. SPH’s internet editions of its major newspapers enjoy over 300 million page views with 20 million unique visitors each month. Other new media initiatives include AsiaOne, omy.sg, ST701, Stomp and The Straits Times RazorTV. SPH has also ventured into book publishing, broadcasting, out-of-home advertising and properties. For more information, please visitwww.sph.com.sg.
701Search Pte Ltd is a joint venture between Southeast Asia's leading media organisation Singapore Press Holdings and Norway’s Schibsted Media Group. It is a new media company specialising in online classifieds services for the Asia-Pacific region. The service allows anyone to buy and sell in his or her region conveniently in a very simple manner.
Headquartered in Singapore, the company currently operates online classifieds in Malaysia, Philippines, Indonesia and Vietnam.
Launched in November 2007, Mudah.my is now the largest online marketplace in Malaysia with more than 10 million unique visitors and over 700 million page views per month on both mobile and desktop. Berniaga.com and Ayosdito.ph have also made major in-roads in their respective markets in Indonesia and the Philippines and both are now the second largest online classifieds websites there. Despite just being over a year old, Chotot.vn is now the largest online marketplace in Vietnam as well as the fastest growing Vietnamese website, with over 4 million users and 100 million page views every month.
About Schibsted Media Group
SHAPING THE MEDIA OF . TODAY.
Schibsted is an international media group with approximately 7,800 employees and operations in 29 countries.
Schibsted’s strategy comprises two main objectives: further development of our media houses and establishment of popular online classifieds services. Several of our media houses are among Europe’s leading online newspapers and pioneers in the fields of web TV, mobile and paid online services. The industry know-how which our media houses possess about the interaction between established and new media forms much of the basis for our ambitions for future growth. In recent years we have been systematically expanding our online classifieds business, both through acquisitions and organic growth. The online classifieds segment is a long-standing and important part of our business model.
For more information about Schibsted Media Group, please visit Schibsted.com
About Telenor Group
Telenor Group is an international provider of tele, data and media communication services. Telenor Group has mobile operations in 12 markets in the Nordic region, Central and Eastern Europe and in Asia, as well as a voting stake of 42.95 per cent (economic stake 33 per cent) in VimpelCom Ltd., operating in 17 markets. Headquartered in Norway, Telenor Group is one of the world’s major mobile operators with more than 150 million mobile subscriptions in its consolidated operations per Q2 2013, revenues in 2012 of NOK 102 billion, and a workforce of nearly 34,000. For more information about Telenor Group, please visit www.telenor.com