Kul Bhushan · · 1 min readSPH to sell SgCarMart for $118m to Toyota consortium
Singapore Press Holdings (SPH) is in the final stages of selling car marketplace sgCarMart to a consortium of Toyota companies for S$160 million (US$118 million), Business Times reported, citing sources.
The report comes days after SPH Media Trust, which was spun off from SPH in 2021 as a nonprofit, said it will get funding of up to US$132 million from the Singapore government annually for the next five years.
SPH had acquired the marketplace for nearly US$48 million in April 2013. The firm had begun looking for a new buyer for sgCarMart in the second half of 2021.
Founded in 2004, sgCarMart has remained profitable in the last five years despite rising competition from the likes of Carro and Carsome. The company reported a 10.8% growth in profit for the year ending August 31, 2020, the report added.
Toyotsu Binter, one of the firms in the consortium looking to buy the car marketplace, is a joint venture between Singapore tire distributor Binter & Co and Toyota Group’s trading arm Toyota Tsusho. The venture focuses on selling tires and commercial auto parts.
See also: This SPH veteran spun off his jobs platform to catch a big wave
Currency converted from Singapore dollar to US dollar: US$1 = S$1.37.
Editing by Collin Furtado and Arpit Nayak
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