Hong Kong based Tom Group, owner of the Tom Online (TOMO) unit, and Singapore Press Holdings announced that they had reached a strategic cooperation agreement for SPH tohold 35% of the stake of Tom Outdoor, an affiliate of Tom for $26 million.
According to their agreement, Tom is entitled to assign the chief executive officer and financial officer for Tom Outdoor and SPH has the right to nominate two directors for the Board of Directors and appoint a chief operation officer, deputy financial officer as well as other managerial positions for the marketing department of the company.
Top management of both sides believed that this cooperation would help further promote Tom's outdoor media service.
Currently, Tom Outdoor runs diversified outdoor advertising services in more than 60 cities on the Chinese mainland.
