SPH subsidiary acquires 40% share in Beerfest

For S$480,000 in cash.

Singapore Press Holdings (SPH) has announced that its wholly-owned subsidiary, SPHere Exhibits Pte. Ltd., has purchased 4,000 shares in Beerfest Asia Pte Ltd (Beerfest) from Timbre Group Pte Ltd (Timbre), representing 40% of the share capital of Beerfest, at the consideration of S$480,000.

Timbre will thereafter hold 40% in Beerfest. The remaining 20% will be held by individuals.

The consideration was arrived at on an arms' length willing-seller-willing-buyer basis after taking into account various factors such as existing assets, intellectual property rights, goodwill, financial position and business prospects of Beerfest.

The consideration was wholly satisfied in cash and was funded from the Company's internal resources.

The acquisition is not expected to have any material impact on the net tangible assets per share or earnings per share of SPH for the current financial year ending 31 August 2014.