APB Increases Stake In Asia Pacific Breweries - Pearl Private Limited
The consideration for the Sale Shares was arrived at on a willing-buyer willing-seller basis. The Sale Shares have a negative net asset value of approximately S$1.3 million based on the unaudited accounts of APB Pearl as at 31 March 2009.
18/05/09 Pursuant to Rule 704(15) of the Listing Manual of the Singapore Exchange Securities Trading Limited, Asia Pacific Breweries Limited wishes to announce that the Company has entered into an agreement to acquire the 33% stake in Asia Pacific Breweries - Pearl Private Limited through the purchase, from Jaipuria Beverages & Food Industries Private Limited and its nominees, of equity shares representing 33% of the share capital of APB Pearl and 990,000 compulsorily convertible preference shares having a par value of INR 10 each (collectively, "Sale Shares") for an aggregate consideration of INR 134,650,000 (approximately S$4.0 million) paid in cash. Pursuant to the acquisition, APB Pearl will be a wholly owned subsidiary of the Company.
The consideration for the Sale Shares was arrived at on a willing-buyer willing-seller basis. The Sale Shares have a negative net asset value of approximately S$1.3 million based on the unaudited accounts of APB Pearl as at 31 March 2009.
APB Pearl will also redeem all the 7,510,000 redeemable preference shares having a par value of INR 10 each held by Jaipuria for an amount of INR 75,100,000 (approximately S$2.2 million) in cash.
The purchase of the Sale Shares will be funded through internal resources and is not expected to have a material impact on the consolidated net tangible assets per share or consolidated earnings per share of the Company and its subsidiaries for the current financial year.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the sale of the Shares.
