Asset Acquisitions and Disposals::Proposed Acquisition of Shares in Sri Nona Companies

Issuer & Securities

Issuer/ Manager
FRASER AND NEAVE LIMITED.
Securities
FRASER AND NEAVE, LIMITED - SG1T58930911 - F99
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
15-Dec-2020 17:55:09
Status
New
Announcement Sub Title
Proposed Acquisition of Shares in Sri Nona Companies
Announcement Reference
SG201215OTHRS3Z6
Submitted By (Co./ Ind. Name)
Hui Choon Kit
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Fraser and Neave, Limited (the "Company" and together with its subsidiaries, the "F&N Group") attaches, for information, a voluntary Bursa Malaysia announcement (the "Bursa Announcement") by Fraser & Neave Holdings Bhd ("F&NHB") today, regarding the entry by its direct wholly-owned subsidiary, Awana Citra Sdn Bhd into a conditional share sale agreement to acquire the entire issued share capital of the Sri Nona Companies for the aggregate cash consideration of up to RM60,000,000. Capitalised terms used but not defined herein shall have the same meanings ascribed to them in the Bursa Announcement.

The Company holds a stake of approximately 55.5% in F&NHB, which is listed on Bursa Malaysia.

Payment of the Purchase Consideration will be made in two tranches in the manner set out in paragraph 2.2 of the Bursa Announcement. The basis and justification of the Purchase Consideration and the source of funding for the Proposed Acquisition are set out in paragraphs 2.3 and 2.4 of the Bursa Announcement.

If completed, the Sri Nona Companies will become wholly-owned subsidiaries of F&NHB, and indirect subsidiaries of the Company.

The Proposed Acquisition is not expected to have a material effect on the net tangible assets or earnings per share of the F&N Group for the current financial year.

None of the Directors of the Company has any interest, direct or indirect, in the Proposed Acquisition other than through their shareholdings in the Company.

Attachments