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Pursuant to Clause 704(16)(c) of the Listing Manual, Fraser and Neave, Limited (" F&NL ") announces
that its subsidiary, Times Publishing Limited (" TPL "), has sold its entire indirect shareholding interest
in United Publishers Services Limited (" UPS "), for an aggregate consideration of US$3.9 million (the
" Sale ").
UPS is a company incorporated in Hong Kong and carrying on the business of distribution of academic
books, publications and materials primarily in Japan. The shares of UPS are held through wholly
owned subsidiaries of TPL, Educational Associates Limited and Times Publishing (Hong Kong) Ltd.
The consideration of US$3.9 million for the Sale was arrived at on a willing buyer and wiling seller
basis, taking into account the value of the net tangible assets of UPS.
The Sale 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 F&NL has any interest, directly or indirectly, in the
Sale.
Anthony Cheong Fook Seng
Group Company Secretary
22 June 2007
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