Cheers!: Asia Pacific Breweries subsidiary acquires remaining shares in Clifford Pubs Limited

Approximately S$928,010 has been paid in cash for the 25% stake.

In an announcement Asia Pacific Breweries said, “The Company’s indirect subsidiary in New Zealand, Barworks Holdings Limited has acquired a 25% stake in Clifford Pubs Limited, a company incorporated in New Zealand, from MJ Clifford, SE Leonard & MAG Trustees Ltd. Barworks Group Limited will continue to hold the remaining 75% stake in CPL.”

CPL, according to the announcement, is a BGL investment vehicle for a food and beverages outlet in New Zealand. Barworks Holdings Limited is a wholly owned subsidiary of Barworks Group Limited, which is a subsidiary of DB Breweries Limited.

The consideration for the acquisition, reached on a willing seller willing buyer basis taking into account the profitability of CPL, is approximately S$928,010, and has been paid in cash by BHL on completion.

The book value of the shares based on unaudited accounts of CPL as at 30 September 2011 is approximately S$55,179.