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SCMP Group Ltd's South China Morning Post Publishers Limited Announces Acquisition Of Group Of Media Companies In Hong Kong At Consideration Of HKD30 Million

Friday, 3 May 2013 09:09am EDT 

SCMP Group Ltd announced with reference to the announcement of the Company dated February 18, 2013 (Announcement). The Group has successfully concluded its negotiations in relation to the Possible Acquisition and on May 3, 2013 South China Morning Post Publishers Limited, a whollyowned subsidiary of the Company, entered into a binding agreement with Asia City Media Group Limited (the Seller), an independent third party which is not connected with the Group, for the acquisition of a group of media companies in Hong Kong at a consideration of HKD30 million (subject to potential adjustment with reference to the net asset value of the said group of media companies at completion of the acquisition). The companies being acquired are involved in the publication of magazine titles and their associated guides, operation of associated websites, mobile and tablet applications, and organization of events in Hong Kong, namely HK Magazine, Where HK, The List, Where CN, HK Online, The List Online, Happy Hour Finder iPhone app and HK Magazine iPad app. Completion of the acquisition, subject to fulfillment of various conditions precedent, is due to take place on or around July 15, 2013. 

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