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Acquisitions And Disposals :: Changes In Company's Interest :: Acquisition Of Additional 45% Equity Interest In A Subsidiary

BackAug 10, 2011
Title
  • Acquisition of additional 45% equity interest in a subsidiary
Acquisitions and Disposals
  • Changes in Company's Interest
Description The Board of Directors of Haw Par Corporation Limited (the "Company" and collectively with its subsidiaries known as the "Group") wishes to announce that its wholly-owned subsidiary, Underwater World Attractions Pte Ltd ("UWA"), had acquired from existing shareholders, namely Pattaya Thai Park and Entertainment Co. Ltd, Mr Somsak Kitiparaporn, Mr Somchai Kitiparaporn and Mr Patta Sahawat for 34.5% stake (comprising 707,250 fully paid-up shares in the capital of Underwater World Pattaya Limited ("UWP")) and from Marinescape New Zealand Limited for 10.5% stake (comprising 215,250 fully paid up shares in the capital of UWP) (the "Acquisitions"). After the Acquisitions, the Group's equity interest in UWP increased from 46.6% to 91.6%.

The total consideration of One Hundred Twenty-Five Million Two Hundred Ten Thousand and Nine Hundred Twenty-Six Baht (THB 125,210,926) or, approximately S$5.13 million had been satisified in cash, funded from the Group's internal resources.

The Acqusitions are not expected to have any material impact on the consolidated earnings per share or consolidated net asset per share of the Group for the financial year ending 31 December 2011.

None of the Directors or substantial shareholders of the Company has any interest, direct or indirect in the Acquisitions, save for their shareholdings in the Company.