News
Acquisition Of The Entire Share Capital Of FES UKR
BackJun 29, 2012
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| 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, Lovena Limited, has entered into a sale and purchase agreement with a third party to acquire 100% of the total issued share capital of FES UKR, a limited liability company incorporated in Ukraine, for a total cash consideration of UAH10,000 (equivalent to USD1,238). The principal activity of FES UKR is that of preparation, packaging and distribution of instant beverages. The total cash consideration was arrived at based on a willing seller-willing buyer basis, after taking into account the net tangible liabilities of FES UKR of UAH1,306,032 (equivalent to USD161,687) 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, FES UKR will become a wholly-owned subsidiary of Lovena Limited and of the Company. The above transaction was 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 Company's directors, chief executive officer, controlling shareholders or their respective associates has any direct or indirect interest in the above transaction. By Order of the Board Tan San-Ju Company Secretary 29 June 2012 |
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