News
Acquisition Of The Entire Share Capital Of UKRAGROINVEST-2005
BackSep 28, 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, Bexar Limited, has entered into a sale and purchase agreement with a third party to acquire 100% of the total issued share capital of UKRAGROINVEST-2005, a limited liability company incorporated in Ukraine, for a total cash consideration of UAH1,059,400 (equivalent to USD131,000). The principal activity of UKRAGROINVEST-2005 is that of ownership and leasing of factory space and equipment to FES UKR, a wholly-owned subsidiary of the Company. The total cash consideration was arrived at based on a willing seller-willing buyer basis, after taking into account the net tangible liabilities of UKRAGROINVEST-2005 of UAH7,328,661 (equivalent to USD905,000) as at 30 June 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, UKRAGROINVEST-2005 will become a wholly-owned subsidiary of Bexar Limited 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 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 28 September 2012 |
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