Govt muscles in on the Internet

1 Oct 06

Singapore Press Holdings (SPH) is buying all the magazine and online titles of Hardware Zone, which operates a website featuring new electronic products and reviews, SPH said in a published statement Saturday.

The website, which started in 1999 as a hobby for the co-founders, currently has operations in Thailand, Singapore, Malaysia, the Philippines, Indonesia, China and Australia.

Co-founders Eugene Low and Jackie Lee were 22-year-old undergraduates at the National University of Singapore when they started Hardware Zone.

The purchase price is 7.1 million Singapore dollars (4.5 million US dollars).

“Hardware Zone’s online magazine business strategy will complement SPH Magazines’ strong print magazine business,” said the statement in The Straits Times.

The acquisition is scheduled to be completed around November 1.

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