SINGAPORE (Mar 11): Times Publishing, a wholly-owned subsidiary of Mainboard-listed Fraser and Neave (F&N), has entered into a conditional agreement to acquire a 60% stake in Print Lab for $24.48 million.
The acquisition will be funded via internal resources.
F&N says the consideration takes into account the net asset value and earnings of the end-to-end printing, events and visual media solutions provider, and will be subject to post-completion cash and debt adjustments.
As at end December, the net asset value of the sale shares is about $6.35 million.
In a filing to SGX on Monday, F&N says Print Lab’s business is complementary to Times Publishing’s existing business.
On completion of the transaction, Print Lab will become an indirect subsidiary of F&N.
The proposed acquisition is not expected to have a material effect on the net asset value per share or earnings per share of F&N and its subsidiaries for the current financial year.
Shares in F&N closed 2 cent lower, or down 1.1%, at $1.77 on Monday before the announcement.
