SINGAPORE, 11 OCT 2005 – Dr Tony Tan Keng Yam will take over the Chairmanship of Singapore Press Holdings Limited from 2 December 2005 when Mr Lim Chin Beng steps down as Chairman and Director of the Board, after four years with the media group.
The SPH Board of Directors announced today that Mr Lim, who is 73 this year, has indicated his decision not to seek re-election as a director and chairman of the Board at the Company’s forthcoming Annual General Meeting on 2 December.
Dr Tan, 65, former Deputy Prime Minister and currently Member of Parliament for Sembawang GRC, was unanimously nominated by the SPH board to be the new Chairman following the AGM. Dr Tan is concurrently the Deputy Chairman and Executive Director of the Government of Singapore Investment Corporation Pte Ltd and Chairman of the National Research Foundation. He joined the SPH Board on 5 September this year.
The SPH Board welcomed Dr Tan as its Chairman-designate and said that with his vast wealth of experience, stature and contacts, Dr Tan would be a big boost to the company in a fast changing and evolving media industry.
In their statement, the Directors added: "Mr Lim´s contributions in the past four years have been immensely valuable. We would like to express our sincere thanks and gratitude to Mr Lim for his leadership and keen insight."
Mr Lim, who was appointed SPH Director in October 2001 and non-executive Chairman in December 2002, said it was time for him to retire after four fulfilling and satisfying years on the SPH Board.
"I am leaving the group in very capable hands. SPH has maintained its profitability despite the difficult times post-911 in 2002 and post-SARs in 2003."
SPH Chief Executive Officer, Mr Alan Chan said: "Mr Lim has been very supportive of management and provided invaluable advice and direction during the crucial negotiations which resulted in the merger of SPH MediaWorks and Streats with MediaCorp TV and Today. He also encouraged management to expand its portfolio into overseas magazine ventures as well as Outdoor Advertising platform."
Under Mr Lim´s chairmanship, the Group´s net profit rose 30.6 per cent, from $378.7 million in 2003 to $494.7 million for the year ended 31 August 2005. SPH is today the largest media company in Singapore, with a market capitalisation of $7.68 billion.
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About Singapore Press Holdings Ltd
Main board listed Singapore Press Holdings Limited is the leading media company in Singapore, in the print, Internet and broadcasting platforms. It publishes 13 newspapers in the four official languages and about 80 magazine titles. Everyday, 2.8 million individuals, or 88 per cent of the people above 15 years old, read one of the SPH publications. Its Internet Business Unit manages the online editions of SPH’s major newspapers and magazines, which together enjoy over 300 million pageviews a month. SPH also owns a 20% stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8, U and TV Mobile, and a 40% stake in MediaCorp Press Pte Ltd, which publishes free newspaper Today. SPH operates two entertainment radio channels, UFM 100.3 FM in Chinese and WKRZ 91.3 FM in English, under a joint venture company UnionWorks with NTUC Media, and owns an 80% stake in SPH MediaBoxOffice Pte Ltd, Singapore´s largest LED network media company.