Following the sale of its media assets to Alibaba, SCMP Group will change its name to Armada Holdings and shift its focus to property investments.
According to a filing to the Hong Kong Stock Exchange on Friday, the company said the board proposed to change the existing name of the company from “SCMP Group Limited” to “Armada Holdings Limited” and upon the name change becoming effective, the new Chinese name “南潮控股有限公司” will be adopted to replace the existing Chinese name “南華早報集團有限公司”.
Following the disposal, the group will no longer be the publisher of the South China Morning Post newspaper or own the intellectual property rights to the names “SCMP”, and “南華早報”, it said.
Explaining the reason for changing its name, “The board considers that the proposed name will refresh the corporate identity and image of the remaining group as it focuses on the property investment business.”
On December 11, 2015, SCMP Group agreed to sell its media assets to Alibaba Investment for a cash consideration of HK$2.06 billion.
The change of name will be executed after the firm completes the sale of the South China Morning Post to Alibaba on 24 March, according to the statement.