Telephone directories publisher Global Yellow Pages (GYP) on Tuesday said it would restructure its business to focus on real estate and cease publication of print directories from 2018.
Shares in the Singapore-listed firm gained as much as 10 percent to S$0.166 at 0410 GMT. The stock has risen 3 percent so far this year.
GYP, which diversified into the real estate business in recent years, has invested in properties such as Pakuranga Plaza shopping mall and residential project Remarkables Residences in New Zealand.
"As a result of these efforts, the real estate segment has been the biggest contributor to the Group's revenue and total assets since fiscal 2016," the company said in a statement.
Hoewever, the search business has been declining significantly year on year, it said.
Global Yellow Pages said it would cease the print directories from 2018 and restructure the digital
The company has entered into a joint venture agreement with a newly incorporated entity, Yellow Pages Pte Ltd (NewCo) to handle digital directories, data and online offerings.
GYP will have a 20 percent stake in NewCo and a 10 percent stake in Page Advisor Holdings,
which is also a shareholder in NewCo.
GYP said there would be job cuts due to the shift to digital platform and that "the Company is assisting employees affected by it."
"Due to evolving market trends as more users take to online platforms to search for information, we are no longer able to sustain the print directories which is an iconic publication familiar to most
Singaporeans, " Chief Executive Officer Stanley Tan said.