SPH shells out $60m for SGCM acquisition

It's intensifying efforts to venture into online advertising.

According to OCBC Investment Research, SPH announced that it has entered into a sale and purchase agreement to purchase SGCM Pte. Ltd. which owns and operates vehicle online classified sites (including the popular sgcarmart.com), a car auction platform, and performs online marketing.

Here's more:

In addition, it is also a service provider for car loans, insurance and settlement services. The maximum aggregate consideration payable is S$60m and would be made in cash.

We see this acqusition to be a logical one and part of SPH’s continued expansion into online media advertising.

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