Hong Kong’s Next Media announces sale of Taiwan printing plant after Apple Daily ceases publication

Following the closure of Apple Daily, Hong Kong’s Next Media Group announced in an announcement Wednesday evening that it has entered into a sale and purchase agreement with a buyer to sell the new house printing plant of Taiwan’s Apple Daily for NT$500 million.

According to the announcement, the buyer is Wing Fung Yu Investment Holdings Co., whose largest and second largest shareholders are Ho Shou Chuan and Shin Yi Foundation, holding approximately 10.28% and 5.66% of the equity respectively. The Apple Daily Publishing and Development Co., Ltd. Taiwan Branch’s Xinya Printing Plant, located at No. 550 Yongfu Road, Xinya District, Taoyuan City, has a total floor area of about 19,734 square meters.

According to the Central News Agency, after the paper edition of Taiwan’s Apple Daily ceased publication on May 18 and the electronic edition of Hong Kong’s Apple Daily ceased publication on June 24, Next Media Group is now engaged in the distribution of news such as online advertising and online subscriptions in Taiwan and North America, as well as the printing business of supplying books and magazines in Hong Kong.

Next Media said that after deducting expenses including taxes, legal fees, escrow fees and commissions, the proceeds from the sale of the New House printing plant will be used mainly for repayment of bank loans and general working capital, subject to actual circumstances and the decision of the board of directors.