Sing Tao sells 30% stake in Bastille Post for HK$8.7m

Sing Tao Corporation has disposed of its 30% interest in Bastille Post Company (巴士的報) for net cash proceeds of approximately HK$8.7 million.

According to the company's interim result, Sing Tao Corporation said while the group owned 30% interest in Bastille Post Company before the disposal, it has sold all of its stake to a third party for net cash proceeds of approximately HK$8.7m. The group has not retained any interest after the disposal. Meanwhile, it didn’t disclose the identity of the investor. This transaction has resulted in the Sing Tao recognising a loss of approximately HK$168k.

Founded by Lo Wing Hung, former executive director at Sing Tao News Corporation in 2013, Bastille Post is an online media which covers news and information related to entertainment, travel, life, and history. According to HKEJ, Lo owns 70% interest in Bastille Post Company.

MARKETING-INTERACTIVE has reached out to Sing Tao Corporation for a statement. 

On the other hand, Sing Tao Corporation recorded a consolidated revenue of approximately HK$388.5 million for the first half of 2023, as compared to approximately HK$367 million for the same period in 2022. A consolidated loss of approximately HK$42.7 million was recorded during the period, as compared to approximately HK$109.3 million recorded in 2022. 

The group said that the loss for the period narrowed significantly amidst the accelerating transformation of the new media business because there has been an increase in business revenue and cost control has been effective. The group has also received anti-pandemic subsidies of nearly HK$19.3 million previously from the U.S. government to support its overseas business segment.

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