Acquisition
of Publishing Business in Singapore, Malaysia and Hong
Kong
29
December 2005, Singapore – The Company is pleased to the acquisition of
the business of SNP Corporation Ltd
("
SNP
")
in publishing educational books and reference materials as carried on by its
subsidiaries in Singapore, Malaysia and Hong Kong
("
Acquisition
").
Completion
of the Acquisition is conditional upon satisfaction of conditions precedent,
which includes, among others, approval of the shareholders of
SNP.
The
consideration for the Acquisition is S$37.282 million (subject to adjustments as
may be applicable) arrived at on a willing buyer and willing seller basis. The
consideration is payable in cash in the manner agreed and funded by internal
sources.
The
book value of the assets being acquired in the Acquisition is S$19.3
million.
The
Acquisition will strengthen Marshall Cavendish’s education publishing
business in Singapore, Malaysia and Hong Kong, and is expected to be accretive
to Group profits for the current financial year. However it is not expected to
have a material effect on the net tangible assets per share or earnings per
share of the Group for the current financial
year.
None of
the directors or substantial shareholders of the Company has any direct or
indirect interest in the Acquisition.
