Asset Acquisitions and Disposals::ACQUISITION OF REMAINING SHARES IN SUBSIDIARY
Issuer & Securities
FRASERS CENTREPOINT LIMITED
FRASERS CENTREPOINT LIMITED - SG2G52000004 - TQ5
Asset Acquisitions and Disposals
Date &Time of Broadcast
Announcement Sub Title
ACQUISITION OF REMAINING SHARES IN SUBSIDIARY
Submitted By (Co./ Ind. Name)
Description (Please provide a detailed description of the event in the box below)
Pursuant to Rule 704(17)(d) of the Listing Manual, Frasers Centrepoint Limited ("FCL") announces that its subsidiaries, FCL Assets Pte. Ltd. and Frasers (Australia) Pte Ltd, have entered into an agreement to acquire the remaining 8% of the issued share capital of Frasers Town Hall Pty Ltd ("FTHPL") held by Genting (NSW) Pty Ltd, in equal share, to increase their respective shareholding interest in FTHPL to 50% each (the "Acquisition").
The aggregate consideration for the Acquisition is A$2,110,698 (approximately S$2,363,982 based on an exchange rate of A$1=S$1.12) (the "Purchase Price"), and was arrived at on a willing-buyer, willing-seller basis, based on the net asset value of FTHPL and its consolidated group as at August 2014 of approximately A$25,800,000, as adjusted in accordance with the terms of the sale and purchase agreement.
The Purchase Price is payable in cash and funded from internal resources.
The acquisition is not expected to have a material effect on the net tangible assets per share or earnings per share of the FCL Group for the current financial year.
None of the Directors or controlling shareholders of FCL has any interest, direct or indirect in the Acquisition.
24 October 2014
The admission and listing of Frasers Centrepoint Limited on the Singapore Exchange Securities Trading Limited (the "Listing") was sponsored by DBS Bank Ltd. as the Sole Issue Manager. DBS Bank Ltd., United Overseas Bank Limited and Morgan Stanley Asia (Singapore) Pte. were the Joint Financial Advisers for the Listing. DBS Bank Ltd., United Overseas Bank Limited and Morgan Stanley Asia (Singapore) Pte. assume no responsibility for the contents of this announcement.