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29.12.05
29 December 2005, Singapore - Fraser and Neave, Limited (" Company ") is pleased to announce that agreement has been reached between Times Publishing Limited (" TPL "), a wholly-owned subsidiary of the Company, and SNP Corporation Ltd (" SNP ") for the acquisition of the business of SNP in publishing educational books and reference materials as carried on by its subsidiaries in Singapore, Malaysia and Hong Kong (" Acquisition ").
Completion of the Acquisition is conditional upon satisfaction of conditions precedent, which includes, among others, approval of the shareholders of SNP.
The consideration for the Acquisition is S$37.282 million (subject to adjustments as may be applicable) arrived at on a willing buyer and willing seller basis. The consideration is payable in cash in the manner agreed and funded by internal sources.
The book value of the assets being acquired in the Acquisition is S$19.3 million.
The Acquisition will strengthen TPL's education publishing business in Singapore, Malaysia and Hong Kong, and is expected to be accretive to Group profits for the current financial year. However it 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 substantial shareholders of the Company has any direct or indirect interest in the Acquisition.
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