SINGAPORE: Shareholders of Singapore Press Holdings (SPH) have voted in favour of the proposed restructuring of the company, paving the way for its media arm to be transferred to a not-for-profit entity. At a virtual extraordinary general meeting on Friday (Sep 10), about 97.5 per cent of the more than 300 shareholders voted in favour of the move, SPH said in a media release. The majority also voted yes to the conversion of management shares to ordinary shares and the adoption of a new constitution. The restructuring, announced on May 6, comes as the company faces falling advertising revenue. Under the exercise, SPH's entire media-related business will be transferred to a newly incorporated wholly-owned subsidiary, SPH Media Holdings. SPH Media will eventually be transferred to a newly formed public company limited by guarantee (CLG), chaired by former minister Khaw Boon Wan.