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SPH Interactive International Pte Ltd (SPH II) has entered into a joint venture with Star Publications (Malaysia) Bhd to provide digital media services in Malaysia.
Called '701Panduan Sdn Bhd' - 'panduan' means to provide direction or guidance in Malay - the company will help Malaysians find what they need on new media platforms. SPH II and The Star will each own 50 per cent of the new company.
The deal was inked at The Star's headquarters in Petaling Jaya, Kuala Lumpur, on Monday.
Signing on behalf of SPH was one of SPH II's directors, Mr Leslie Fong, who is also SPH's Senior Executive Vice-President of Marketing.
Representing The Star was its Chief Operating Officer Datin Linda Ngiam. Also present were SPH Chief Executive Officer Mr Alan Chan and The Star CEO Datuk Steven Tan.
Commenting on the joint venture, Mr Fong said: 'Malaysia has one of the highest Internet penetration rates in South-east Asia. More than half of its 28 million people enjoy ready access to the Internet.
'In absolute numbers, this is more than Singapore's entire population. Together with the country's growing economy, these make investing in the online business an attractive proposition.'
On the parnership with The Star, he said: 'As Malaysia's leading English-language newspaper, it is a strong brand name. With its intimate understanding of the Malaysian business environment and its well established network of readers and advertisers, it will have much to contribute to the success of our joint venture.'
Datin Linda Ngiam of The Star said: 'SPH, through its various research initiatives, has developed what we feel is the right methodology to create a platform that can connect local businesses with local users in the most effective and relevant way.'
'The Star has spent more than 12 years establishing a leadership position in the Malaysian Internet scene. We are happy to enter into this partnership with SPH, which will take our online and new media properties to the next level,' she added.
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