News
Acquisition Of Shares In BVBA Food Expert
BackJun 15, 2012
| Title |
|
|
| Acquisitions and Disposals |
|
|
| Description | The Board of Directors of Food Empire Holdings Limited (the "Company", and together with its subsidiaries, the "Group") wishes to announce that the Company's wholly-owned subsidiary, EPIQ Food Services Pte. Ltd., has entered into a sale and purchase agreement with a vendor to acquire 186 ordinary shares in BVBA Food Expert ("BVBA"), representing 100% of the total issued share capital of BVBA, a company incorporated in Belgium, for a total cash consideration of Euro 17,984.34. The principal activity of BVBA is that of wholesale of food products. The total cash consideration was arrived at based on a willing seller-willing buyer basis, after taking into account the net tangible assets of BVBA of Euro 17,983.13 as at 31 March 2012. As none of the relative figures computed based on the applicable bases under Rule 1006 is more than 5%, this acquisition is a non-disclosable transaction. Upon completion of this acquisition, BVBA will become a wholly-owned subsidiary of EPIQ Food Services Pte. Ltd. and of the Company. The above transaction will be funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2012. None of the Directors or controlling shareholders of the Company has any interests, direct or indirect, in the above transaction. By Order of the Board Tan San-Ju Company Secretary 15 June 2012 |
|
