News

Investment In Hyson Teas (Private) Limited

BackJun 04, 2004

The Board of Directors of Food Empire Holdings Limited ("the Company") wishes to announce that the Company has acquired 1,470,000 new shares of Rupees 10 each in Hyson Teas (Private) Limited at par for a cash consideration of Rupees 14,700,000 (equivalent to approximately S$253,605/-). The consideration was arrived at based on net asset value basis. The acquisition funded through internal resources was made through Future Enterprises Pte Ltd, a wholly-owned subsidiary of the Company. After the acquisition, Future Enterprises Pte Ltd holds 49% of the shareholding in Hyson Teas (Private) Limited.

There is no material impact arising from this acquisition on the earnings per share and net asset value per share of the Company for the current financial year.

None of the Directors or Controlling Shareholders of the Company has any interest, direct or indirect, in this acquisition.

This is a non-discloseable transaction under Chapter 10 of the Singapore Exchange Securities Trading Limited Listing Manual.


By Order of the Board

Tan San-Ju
Company Secretary