(Sept 20): Singapore’s leading newspaper publisher had a market capitalisation that was larger than that of The New York Times Co. -- until this month.

Singapore Press Holdings saw its market value fall below that of its better known US peer for the first time in 12 years, with outstanding shares at $4.2 billion, about US$40 million ($53.7 million) less than the publisher of The New York Times.

Trading near levels last seen during the 1997 Asian currency meltdown and the 2008-2009 Global Financial Crisis, Singapore Press shares are the year’s worst performers on the country’s benchmark index, down more than 26%. The drop comes as New York Times’ stock gained 45% gain amid a surge in online subscriptions following President Donald Trump’s election victory in November.

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