Increase in Shareholding in IMM Singapore Holdings Pte Limited
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 Pansing Distribution Private Limited ("PD"), a wholly-owned subsidiary of the Company's subsidiary, Times Publishing Limited ("TPL"), has, pursuant to the exercise of a call option (the "Option") granted by Viadoc Investments Limited ("VI") to PD over VI's shares (the "Shares") in IMM Singapore Holdings Pte Limited ("IMMS"), exercised the option to acquire 49 Shares. Following the exercise of the option, PD's shareholding interest in IMMS would increase from the existing 51% to 100%.
IMMS is a holding company which owns 100% of Pansing IMM Pty Ltd ("PIMM"), an Australian company carrying on the business of export distribution of Australian magazines, books and periodicals.
The consideration for the Acquisition is approximately A$2.05 million (equivalent to approximately S$2.57 million), computed in accordance with the manner stipulated in the Option. The consideration is payable in cash and is being funded by internal sources.
The consolidated net asset value of IMMS as at 31 July 2008 is S$1.99 million. The aforesaid transaction 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 aforesaid transaction.
Anthony Cheong Fook Seng
Group Company Secretary
29 August 2008