30.09.08
Pursuant to Rule 704(15)(c) of the Listing Manual of the Singapore Exchange Securities Trading Limited, Fraser and Neave, Limited (the “Company”) announces that Times The Bookshop Pte Ltd (“TTB”), a wholly-owned subsidiary of the Company’s subsidiary, Times Publishing Limited, has, pursuant to the exercise of the first of two call options (the “Option”) granted to it in respect of the shares in Pacific Bookstores Pte Ltd (“PBPL”) owned by Seow Tiong Hwa, Fong Chor Weng and Lee Chee Yong (collectively, the "Existing PBPL Shareholders”), exercised the Option to acquire another 11% interest in PBPL from the Existing PBPL Shareholders (the "Acquisition"). Following the exercise of the Option, TTB’s shareholding interest in PBPL, a subsidiary over which it has management control, will increase from the existing 49% to 60%.
PBPL carries on the business of selling books and stationery through bookstores in schools and online cyber bookstores.
The consideration for the Acquisition is approximately S$594,000, computed in accordance with the manner stipulated in the Option. The consideration is payable in cash and is being funded by internal sources.
The estimated net asset value of PBPL as at 31 August 2008 is S$4.62 million.
The Acquisition is not expected to have a material effect on the net tangible assets per share or earnings per share of the Group for the current financial year.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the Acquisition.
Anthony Cheong Fook Seng
Group Company Secretary
30 September 2008
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