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02.03.05
2 March 2005, Singapore - Pursuant to Rule 704(15)(c) of the Listing Manual, Fraser and Neave, Limited (the "Company") announces the following:
(i) Educational Technologies Limited
That Times Publishing Limited ("TPL"), a wholly-owned subsidiary of the Company, has acquired the entire registered share capital of Educational Technologies Limited ("ETL"), a company incorporated under the laws of Hong Kong S.A.R.
ETL is in the business of publishing, licensing and distributing educational and children's books and publications in Latin America, and the Asia Pacific and Gulf regions.
The consideration for the acquisition of ETL is US$14,800,000 arrived at on a "willing buyer-willing seller" basis and funded by internal sources.
(ii) IMM Singapore Holdings Pte Limited
That TPL has, through its subsidiary Pansing Distribution Sdn Bhd ("Pansing"), acquired a 51% shareholding interest in IMM Singapore Holdings Pte Limited ("IMM").
IMM in turn owns all the shares in Pansing IMM Pty Limited, a company incorporated in Australia, through which the business of export distribution of Australian magazines, books and periodicals will be conducted.
The consideration for the acquisition of the 51% shareholding interest in IMM is A$3,320,000 arrived at on a "willing buyer-willing seller" basis and will be fully payable upon satisfaction of post-completion conditions. The consideration is funded by internal sources.
The aforesaid transactions are not expected to have any material effect on the net tangible assets per share or earnings per share of the Company for the current financial year.
None of the directors or substantial shareholders of the Company has any interest, directly or indirectly, in the transactions.
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